DuPont Announces Third-Quarter Financial Results

DuPont announced its financial results for the third quarter of 2019, reiterating its full-year guidance that organic revenues would be slightly lower than the prior year. The company narrowed and tightened its pro forma adjusted EPS guidance range to USD 3.77 to USD 3.82, compared to the previous range of USD 3.75 to USD 3.85, while maintaining the midpoint of its guidance. Marc Doyle, Chairman and Chief Executive Officer of DuPont, stated: "Despite challenging market conditions and currency headwinds, we achieved earnings per share growth and expanded profit margins through sustained pricing improvements, cost discipline and portfolio actions." He continued: "We are seeing the continuation of our strong position in high-growth areas such as Water Solutions. We recently announced the completion of two strategic acquisitions in this sector. Additionally, we are encouraged by the positive momentum in China sales for the second consecutive quarter and by the strong start in our electronics business heading into the second half of the year." Net sales for the quarter totaled USD 5.4 billion, down 5% from the same quarter last year. On an organic basis, net sales declined 2%, as pricing gains of 1% were more than offset by a 3% decline in sales volume. Currency and portfolio headwinds accounted for 2% and 1% declines in sales, respectively. GAAP earnings from continuing operations totaled USD 372 million compared to pro forma adjusted GAAP earnings of USD 88 million in the same period last year. Operating EBITDA declined 4% compared to prior year pro forma adjusted operating EBITDA, reaching USD 1.4 billion. Operating EBITDA margins increased 20 basis points to 25.8% compared to the prior year, driven by pricing gains, benefits from portfolio actions and disciplined cost management.