Shares of DuPont de Nemours Inc.
DD,
rose 1.9% in premarket trading Tuesday, after the parent of Kevlar, Tyvek and Styrofoam brands reported fourth-quarter profit that beat expectations but revenue that fell a touch shy. The results come about two weeks after the company issued a profit warning for the first quarter, citing additional inventory destocking by customers and continued weak demand in China. For the fourth quarter, the company swung to a net loss of $22 million, or 5 cents a share, from net income of $4.23 billion, or $8.83 a share, in the year-ago period. Excluding nonrecurring items, such as goodwill impairment charges, adjusted earnings per share of 87 cents topped the FactSet consensus of 85 cents. Sales fell 6.6% to $2.90 billion, just below the FactSet consensus of $2.92 billion. For 2024, the company said it expects adjusted EPS of $3.25 to $3.65, surrounding the the current FactSet consensus of $3.58, and expects sales of $11.9 billion to $12.3 billion, compared with expectations of $12.3 billion. “We continue to see demand stabilization within Semiconductor Technologies and Interconnect Solutions and we remain confident of a broad-based electronics materials recovery in 2024,” said Chief Executive Ed Breen. DuPont’s stock has lost 12% over the past three months through Monday, while the S&P 500
SPX,
has advanced 13.2%.
