05.02.24
DuPont announced its financial results for the first quarter ended March 31, 2024.
Net sales of $2.9 billion decreased 3%; organic sales decreased 6% versus year-ago period. GAAP income from continuing operations was $183 million, and operating EBITDA was $682 million. Cash provided by operating activities from continuing operations was $493 million, and adjusted free cash flow was $286 million.
“First quarter 2024 financial results exceeded our expectations driven by better-than-expected volumes along with a continued focus by our teams on operational execution and cost discipline,” said Ed Breen, DuPont executive chairman and CEO. “The first quarter was encouraging as the electronics market saw continued recovery, demonstrated by 11 percent year-over-year volume growth in Semiconductor Technologies and another quarter of volume growth in Interconnect Solutions.
“Channel inventory destocking within our industrial-based businesses has bottomed and assumed recovery timing is on track with our previous expectations,” added Breen. “In addition, we delivered significant year-over-year cash flow improvement during the first quarter driven by our continued focus on working capital improvement.”
“We are raising our financial guidance for the year for net sales, operating EBITDA and adjusted EPS,” said Lori Koch, CFO of DuPont. “At the mid-point of our updated guidance ranges for full year 2024, we now estimate net sales of about $12.25 billion, operating EBITDA of about $2.975 billion and adjusted EPS of $3.60 per share.
“For the second quarter of 2024, we expect sequential sales and earnings improvement driven by favorable seasonality, continued electronics recovery, and reduced channel inventory destocking in industrial-based end-markets including water and medical packaging,” Koch concluded.
Net sales of $2.9 billion decreased 3%; organic sales decreased 6% versus year-ago period. GAAP income from continuing operations was $183 million, and operating EBITDA was $682 million. Cash provided by operating activities from continuing operations was $493 million, and adjusted free cash flow was $286 million.
“First quarter 2024 financial results exceeded our expectations driven by better-than-expected volumes along with a continued focus by our teams on operational execution and cost discipline,” said Ed Breen, DuPont executive chairman and CEO. “The first quarter was encouraging as the electronics market saw continued recovery, demonstrated by 11 percent year-over-year volume growth in Semiconductor Technologies and another quarter of volume growth in Interconnect Solutions.
“Channel inventory destocking within our industrial-based businesses has bottomed and assumed recovery timing is on track with our previous expectations,” added Breen. “In addition, we delivered significant year-over-year cash flow improvement during the first quarter driven by our continued focus on working capital improvement.”
“We are raising our financial guidance for the year for net sales, operating EBITDA and adjusted EPS,” said Lori Koch, CFO of DuPont. “At the mid-point of our updated guidance ranges for full year 2024, we now estimate net sales of about $12.25 billion, operating EBITDA of about $2.975 billion and adjusted EPS of $3.60 per share.
“For the second quarter of 2024, we expect sequential sales and earnings improvement driven by favorable seasonality, continued electronics recovery, and reduced channel inventory destocking in industrial-based end-markets including water and medical packaging,” Koch concluded.