DuPont de Nemours, Inc. (DD), a specialty chemicals company, announced an upward revision of its fiscal 2024 adjusted earnings and net sales forecasts on Wednesday, outperforming market expectations. The company attributes this improvement to its strong operational execution and robust second-quarter results.
As per pre-market data on the Nasdaq, DuPont shares saw an increase of approximately 1.6%, trading at $81.71.
For the third quarter, DuPont anticipates adjusted earnings per share (EPS) of $1.03 and net sales totaling $3.20 billion. Analysts, based on data compiled by Thomson Reuters, forecast the company will report earnings of $1.01 per share on sales of $3.20 billion, typically excluding special items.
For the entire year of 2024, DuPont's adjusted EPS is projected at the midpoint of updated guidance ranges to be $3.75, an increase from the previously anticipated $3.60. The revised guidance range is now between $3.70 and $3.80. Analysts predict the company's annual earnings to be $3.63 per share.
DuPont's operating EBITDA for the year is forecasted to be approximately $3.085 billion, up from an earlier estimate of around $2.975 billion. The company now projects net sales of about $12.45 billion, an increase from its prior forecast of approximately $12.25 billion, while analysts expect $12.26 billion in sales. The revised sales outlook range is set between $12.40 billion and $12.50 billion.
In its second quarter, DuPont reported earnings of $178 million, or $0.42 per share, compared to a loss of $131 million or $0.28 per share in the same period last year. Adjusted earnings for the period amounted to $408 million or $0.97 per share. Revenue rose to $3.171 billion from $3.094 billion year-over-year.
