DuPont Announces Third-Quarter Financial Results

DuPont, while announcing its financial results for the third quarter of 2019, reiterated its full-year guidance regarding slightly lower organic revenues compared to the previous year; it narrowed and maintained the midpoint of its pro forma adjusted EPS (1) range, updating it to USD 3.77 to USD 3.82 from the previous USD 3.75 to USD 3.85 range. DuPont Chief Executive Officer Marc Doyle said: "Despite challenging market conditions and difficulties encountered in foreign exchange, we achieved earnings per share growth and expanded profit margins through continuous price improvements, cost discipline and portfolio actions," and continued: "We continue to see strong positions in high-growth areas such as Water Solutions. Recently, we announced agreements regarding two strategic acquisitions in this area. Additionally, we are encouraged by the improving sales in China for the second consecutive quarter and the strong start we have made in the second half of the year in our electronics business," he said.

Third Quarter Financial Results

Net sales for the quarter totaled USD 5.4 billion, down 5% compared to the same quarter of the previous year. On an organic basis, net sales declined 2% as 1% price increases were more than offset by a 3% decline in sales volume. Foreign exchange and portfolio headwinds were reflected as 2% and 1% declines in sales, respectively.