DuPont de Nemours Inc. DD reported Tuesday first-quarter profit and sales that beat expectations, as growth in its water and protection business offset weakness in electronics and industrial business, but trimmed its full-year outlook. Shares of the specialty materials and chemical company were still inactive in the premarket. Net income fell to $257 million, or 56 cents a share, from $488 million, or 95 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to 84 cents from 82 cents and beat the FactSet consensus of 80 cents. Sales declined 7.8% to $3.02 billion but were above the FactSet consensus of $2.94 billion. Water and protection sales grew 1.4% to $1.45 billion while electronics and industrial sales fell 15.6% to $1.30 billion. “Our businesses are well-equipped to leverage leading market positions and accelerate growth when consumer-driven, short-cycle electronics end markets recover,” said Chief Executive Officer Ed Breen. For 2023, the company revised its guidance ranges lower for adjusted EPS to $3.55 to $3.70 from $3.50 to $4.00 and for sales to $12.3 billion to $12.5 billion from $12.3 billion to $12.9 billion. Separately, DuPont said it was buying Spectrum Plastics Group for $1.75 billion from AEA Investors. DuPont’s stock has gained 1.1% year to date, while the S&P 500 SPX has advanced 8.6%.
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