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DD · DuPont de Nemours

28 filings

10-Q

DD 10-Q Quarterly Reports

DuPont de Nemours - 28 quarterly reports

Filing record · 2017–202610-K910-Q288-K127

2026-Q3
DuPont de Nemours Quarterly Report for Q3 Ended Sep 30, 2026
DuPont de Nemours, Inc. reported third-quarter 2026 net sales of $1.87 billion, up 4 percent from $1.80 billion in the prior-year quarter, driven by a 5 percent increase in organic sales partially offset by a 1 percent unfavorable currency impact. Income from continuing operations before income taxes rose to $279 million from $91 million, and net income available for common stockholders was $123 million, compared with a loss of $123 million a year earlier. Results were affected by the absence of prior-year transaction-related tax benefits and by discontinued operations, which posted a $45 million loss in the quarter. Operating EBITDA was $505 million for the quarter versus $465 million, with Healthcare & Water Technologies at $263 million and Diversified Industrials at $242 million. For the nine months, net sales were $5.37 billion, up 4 percent, and net income available for common stockholders was $427 million, compared with a loss of $653 million in the prior year. The Aramids Divestiture closed on April 1, 2026, for pre-tax cash proceeds of approximately $1.2 billion plus a $300 million note receivable and an equity interest valued at $325 million in Arclin. Cash and cash equivalents rose to $1.65 billion at September 30, 2026, from $715 million at year-end 2025, and long-term debt was $3.09 billion. The company repurchased shares under its $2B Authorization, paid $243 million in dividends, and plans to repurchase $250 million more in the fourth quarter. The filing also details substantial legacy PFAS-related obligations. The New Jersey settlement carries an aggregate payment of $875 million over 25 years, and the North Carolina settlement provides for $455 million over 15 years, with the company's share of the North Carolina liability at a net present value of $127 million. DuPont's indemnification liabilities total $728 million, and the company states it cannot estimate losses above amounts accrued, so these matters remain a key area of investor attention.
Nov 3, 2026
2026-Q2
DuPont de Nemours Quarterly Report for Q2 Ended Jun 30, 2026
DuPont de Nemours, Inc. reported second-quarter 2026 net sales of $1.82 billion, up from $1.75 billion a year earlier, with the filing stating organic sales rose 4 percent. Income from continuing operations before income taxes was $266 million versus $78 million in the prior-year quarter, and net income available for DuPont common stockholders was $143 million, or $1.05 per basic share, compared with $59 million in the year-earlier period. Results for the period include discontinued operations, which posted a loss of $44 million in the quarter, reflecting MOU-related activity and a $125 million North Carolina accrual, partly offset by gains tied to the Aramids Divestiture. The Aramids business was sold to Arclin on April 1, 2026, for pre-tax cash proceeds of approximately $1.2 billion, a $300 million note receivable and a roughly 16 percent equity interest valued at $325 million. Cash and cash equivalents rose to $1.74 billion at June 30, 2026, from $715 million at December 31, 2025, and the company reported $2.9 billion of working capital. Total debt was $3.125 billion, and the company repurchased about $275 million of stock in May under an accelerated share repurchase, with a further $250 million expected in the third quarter. The filing also highlights ongoing PFAS exposure. The company's share of the New Jersey settlement is recorded at a net present value of $188 million, and the AFFF multidistrict litigation includes approximately 12,400 personal injury cases. The company stated it is unable to estimate losses above the amounts accrued, and the 2026 DuPont Restructuring Program anticipates charges of approximately $75 million through 2028.
Aug 4, 2026
2026-Q1
DuPont de Nemours Quarterly Report for Q1 Ended Mar 31, 2026
DuPont de Nemours, Inc. reported first-quarter 2026 net sales of $1,681 million, up from $1,612 million in the first quarter of 2025, with organic sales up 2 percent and a 2 percent favorable currency impact. Income from continuing operations, net of tax, was $150 million versus $80 million a year earlier. Net income attributable to DuPont common stockholders was $161 million, compared with a loss of $589 million in the prior-year period, which was driven by discontinued operations. Diluted earnings per share were $0.39, versus a loss of $1.40. Operating EBITDA rose in both segments: Healthcare & Water Technologies to $244 million from $223 million, and Diversified Industrials to $200 million from $185 million. The quarter reflects the completion of the Aramids Divestiture to Arclin on April 1, 2026, for pre-tax cash proceeds of approximately $1.2 billion, a $300 million note receivable, and a common equity interest valued at $325 million. The Aramids Business is presented as discontinued operations, and the filing notes a $16 million additional loss from classification to held for sale in the quarter. Cash and cash equivalents were $710 million at March 31, 2026, and total debt was $3,172 million. Cash provided by operating activities from continuing operations was $232 million, compared with $77 million a year earlier. The filing also details ongoing PFAS-related exposure. The New Jersey Settlement, with an aggregate cash payment of $875 million payable over 25 years, awaits further hearing on June 24, 2026. The company reports approximately 11,900 personal injury cases in the AFFF MDL and accrued total environmental-related liabilities of $246 million. The company expects to launch a $275 million accelerated share repurchase under its $2 billion authorization, and it plans a 2026 reverse stock split at a ratio between 1-for-2 and 1-for-4, subject to stockholder approval.
May 5, 2026
2025-Q3
DuPont de Nemours Quarterly Report for Q3 Ended Sep 30, 2025
DuPont de Nemours, Inc. reported third-quarter 2025 net sales of $3.07 billion, up 7 percent from $2.86 billion a year earlier, driven by a 7 percent volume increase, with ElectronicsCo volume up 11 percent and IndustrialsCo volume up 5 percent. Income from continuing operations, net of tax, was $308 million versus $453 million in the prior-year quarter, and the company posted a net loss of $107 million ($(123) million attributable to DuPont common stockholders) against net income of $465 million a year earlier. The loss was driven by $415 million of losses from discontinued operations, including a $437 million loss from classification of the Aramids business as held for sale, and acquisition, integration and separation costs of $139 million tied primarily to the Electronics Separation. Nine-month net loss was $618 million, and cash provided by continuing operations was $1.26 billion versus $1.52 billion a year earlier. The quarter reflects the completion of the Electronics Separation: Qnity Electronics, Inc. was spun off on November 1, 2025, and beginning in the fourth quarter its results will be reported as discontinued operations. The Aramids Divestiture to TJC LP, with cash proceeds of approximately $1.2 billion, a $300 million note and a minority equity interest valued at $325 million, is expected to close in the first quarter of 2026. Total debt rose to $8.90 billion at September 30, 2025 from $7.17 billion, primarily due to the Qnity Notes issued in August 2025, and the company disclosed a proposed New Jersey PFAS settlement with an aggregate cash payment of $875 million payable over 25 years, of which DuPont's share is recorded at a net present value of $311 million. After quarter end, DuPont announced a new $2 billion share repurchase authorization, expects to launch a $500 million accelerated share repurchase, and entered into a transaction support agreement for a tender offer and consent solicitation on its 2038 and 2048 notes. Credit ratings at November 4, 2025 were BBB+ (S&P, stable), Baa1 (Moody's, negative outlook) and BBB+ (Fitch, stable).
Nov 6, 2025
2025-Q2
DuPont de Nemours Quarterly Report for Q2 Ended Jun 30, 2025
DuPont de Nemours, Inc. reported net sales of $3,257 million for the second quarter of 2025, up from $3,171 million a year earlier, and the filing states this was up 3 percent, driven by a 4 percent increase in volume. Net income available to common stockholders was $59 million, or $0.14 per diluted share, compared with $178 million, or $0.42, in the second quarter of 2024. For the six months, the company posted a net loss available to common stockholders of $530 million, or $(1.27) per diluted share, primarily due to a non-cash goodwill impairment charge of $768 million related to the Aramids reporting unit in the IndustrialsCo segment. Acquisition, integration and separation costs were $154 million in the quarter and $279 million for the six months, mainly tied to the Intended Electronics Separation. The company is targeting November 1, 2025 for the completion of the separation of its Electronics business, which the filing says Qnity Electronics, Inc. is preparing capital structure financing for. Results are now reported in two segments: ElectronicsCo, whose operating EBITDA rose 14 percent in the quarter to $373 million, and IndustrialsCo, whose operating EBITDA rose 3 percent to $509 million. On August 3, 2025, DuPont, Chemours and Corteva agreed to a proposed Judicial Consent Order with the State of New Jersey, carrying an aggregate cash payment of $875 million over 25 years. DuPont's share, with a net present value of $311 million, led to a pre-tax charge of $177 million recorded in discontinued operations, which drove the second-quarter loss from discontinued operations of $168 million. At June 30, 2025, the company reported cash and cash equivalents of $1,837 million, total debt of $7,175 million, and working capital of $2.0 billion. Cash provided by operating activities from continuing operations was $763 million for the six months, down from $1,020 million, reflecting higher working capital needs. The company's credit ratings were BBB+ (S&P, on watch negative), Baa1 (Moody's, negative outlook) and BBB+ (Fitch, on watch negative). The filing also flags tariff and trade-related uncertainty, including the risks tied to China, and notes that the Board declared a third-quarter 2025 dividend of $0.41 per share.
Aug 5, 2025
2025-Q1
DuPont de Nemours Quarterly Report for Q1 Ended Mar 31, 2025
DuPont de Nemours, Inc. reported a net loss available to common stockholders of $589 million, or $(1.41) per diluted share, for the three months ended March 31, 2025, compared with net income of $189 million, or $0.45 per diluted share, a year earlier. The swing was driven mainly by a non-cash goodwill impairment charge of $768 million tied to the Aramids reporting unit within the IndustrialsCo segment. Net sales rose to $3,066 million from $2,931 million, with the filing attributing the increase primarily to a 8 percent increase in volume, partially offset by a 2 percent decrease in local price and product mix. Loss from continuing operations before income taxes was $(429) million, compared with income of $267 million in the prior-year quarter. The quarter was shaped by the company's planned separation of its Electronics business, which DuPont is targeting for completion on November 1, 2025. The company realigned into two segments, ElectronicsCo and IndustrialsCo. ElectronicsCo net sales increased 14 percent to $1,118 million and segment Operating EBITDA rose to $373 million from $295 million, while IndustrialsCo net sales were flat at $1,948 million and Operating EBITDA increased to $464 million from $439 million. Acquisition, integration and separation costs were $125 million, mostly tied to the separation, and the company recorded $46 million of pre-tax charges under a Transformational Separation-Related Restructuring Program that it expects to total $100 million through 2026. Liquidity remained solid, with cash and cash equivalents of $1,762 million, total debt of $7,174 million, and working capital of $1.8 billion at March 31, 2025. Operating cash flow from continuing operations was $382 million, down from $493 million, and the company declared a second-quarter 2025 dividend of $0.41 per share. The filing also notes a $78 million non-cash interest rate swap gain within sundry income and ongoing PFAS-related litigation and indemnification exposures. The filing states that DuPont is evaluating the impact of tariffs and trade measures and that a Chinese regulatory investigation into its Tyvek business began in April 2025.
May 2, 2025
2024-Q3
DuPont de Nemours Quarterly Report for Q3 Ended Sep 30, 2024
DuPont de Nemours, Inc. reported third-quarter 2024 net sales of $3.19 billion, up from $3.06 billion a year earlier, driven by a 5 percent volume increase and a 2 percent increase from portfolio actions, partially offset by 2 percent declines in local price and product mix and 1 percent unfavorable currency impact. Income from continuing operations rose to $480 million from $291 million, and net income available for common stockholders was $454 million versus $319 million. Results were helped by a $191 million non-cash gain on interest rate swaps and a lower effective tax rate of 18.1 percent, which the filing attributes largely to discrete tax benefits including an international tax audit settlement. Operating EBITDA, the company's segment profit measure, was $857 million versus $775 million. Electronics & Industrial drove growth, with net sales up 13 percent on volume gains in Semiconductor Technologies and Interconnect Solutions, while Water & Protection net sales fell 2 percent. For the nine months ended September 30, 2024, net sales were approximately $9.3 billion, up 1 percent, and cash provided by continuing operations was $1,757 million versus $1,545 million. Cash and cash equivalents fell to $1,645 million from $2,392 million at year-end 2023, and long-term debt declined to $7,170 million from $7,800 million after a $650 million partial redemption of 2038 notes. The company completed its $5 billion share buyback program in the first quarter of 2024 and has $500 million remaining under a $1 billion program that it stated it does not currently plan to complete, given its focus on the Intended Business Separations announced May 22, 2024, which would split the company into three independent public companies. The filing also discloses ongoing PFAS-related liabilities, with the company's share of the Water District Settlement Fund contribution of $400 million paid in 2023 and an accrued total of $226 million for MOU-related indemnification liabilities. The filing notes credit ratings of BBB+ at S&P and Fitch and Baa1 at Moody's, with S&P and Fitch on watch negative and Moody's outlook negative following the separation announcement. Management stated the company has sufficient liquidity, with $3.6 billion of working capital and a current ratio of 2.28:1.
Nov 5, 2024
2024-Q2
DuPont de Nemours Quarterly Report for Q2 Ended Jun 30, 2024
DuPont de Nemours, Inc. reported second-quarter 2024 net sales of $3.2 billion, up 2 percent from $3.1 billion a year earlier, driven by a 4 percent increase from portfolio actions (the Spectrum acquisition) and a 2 percent increase in volume, partly offset by 2 percent declines in local price and product mix and currency. Net income available to common stockholders was $178 million, compared with a loss of $131 million in the prior-year quarter, which included discontinued operations. Income from continuing operations fell to $176 million from $269 million, and diluted earnings per share from continuing operations were $0.40 versus $0.55. Sundry expense of $87 million included a $74 million loss on early debt redemption and a $39 million interest rate swap mark-to-market loss. The effective tax rate on continuing operations was 40.5 percent for the quarter. Segment performance diverged. Electronics & Industrial net sales rose 15 percent to $1.51 billion, with volume up 10 percent, led by Semiconductor Technologies and Interconnect Solutions, and Operating EBITDA increased 20 percent to $419 million. Water & Protection net sales fell 7 percent to $1.39 billion on a 4 percent volume decline, reflecting customer destocking, and Operating EBITDA declined 7 percent to $344 million. For the six months, net sales were flat at $6.10 billion, and cash provided by continuing operating activities was $1.02 billion. Balance sheet and capital allocation were central to the period. Cash and cash equivalents declined to $1.50 billion from $2.39 billion, and total debt decreased to $7.17 billion after a $650 million partial redemption of 2038 notes. Discontinued operations used $439 million in the first half, including a $408 million contribution tied to the Water District PFAS settlement, which became final in the second quarter. On May 22, 2024, DuPont announced plans to separate into three independent companies through the separation of its Electronics and Water businesses, expected within 18 to 24 months. Standard & Poor's and Fitch placed the company on negative credit watch, and Moody's revised its outlook to negative. The company also disclosed ongoing PFAS-related exposure, though it stated that it cannot estimate losses above amounts accrued.
Jul 31, 2024
2024-Q1
DuPont de Nemours Quarterly Report for Q1 Ended Mar 31, 2024
DuPont de Nemours, Inc. reported first-quarter 2024 net sales of $2.93 billion, down 3 percent from $3.02 billion a year earlier, with volume down 5 percent and a 4 percent contribution from portfolio actions, primarily the Spectrum acquisition. Income from continuing operations, net of tax, fell to $183 million from $273 million, and diluted earnings per share were $0.45 versus $0.56, with continuing operations contributing $0.41 versus $0.58. Operating EBITDA declined to $682 million from $714 million, with Water & Protection down 14 percent to $295 million on lower volumes while Electronics & Industrial rose to $374 million. Net income was $197 million, including a $14 million gain from discontinued operations driven largely by a $35 million tax-related item. Cash flow from continuing operations operating activities improved to $493 million from $405 million, which the filing attributes primarily to improvements in net working capital. Cash and cash equivalents fell to $1.93 billion from $2.39 billion, mainly because of $500 million in share repurchases and forward contracts. The company completed its $5 billion buyback program with the final $2 billion accelerated share repurchase settlement and began a new $1 billion program, under which a $500 million accelerated share repurchase was executed. Total debt was $7.78 billion, and the company reported ratings of BBB+ (S&P), Baa1 (Moody's), and BBB+ (Fitch), all stable. The filing highlights continuing PFAS-related exposure. DuPont has recorded a $408 million liability, including interest, for the Water District Settlement Agreement, which was funded through a $400 million contribution to a restricted settlement fund. The judgment became final in April 2024, and the company expects to reflect the outflow in discontinued operations in the second quarter. Management also notes it is reasonably possible that eligible PFAS costs and indemnifiable losses could exceed amounts accrued and could have a significant effect on financial condition or cash flows, though the company cannot estimate a range of loss above its accrual.
May 1, 2024
2023-Q3
DuPont de Nemours Quarterly Report for Q3 Ended Sep 30, 2023
DuPont de Nemours, Inc. reported third-quarter 2023 net sales of $3.06 billion, down 8 percent from $3.32 billion a year earlier, with volume down 10 percent. Electronics & Industrial sales fell 9 percent, Water & Protection fell 8 percent, and Operating EBITDA was $775 million versus $856 million. Diluted earnings per share were $0.70 versus $0.73, and income from continuing operations per diluted share was $0.62 versus $0.69. For the first nine months, net sales were $9.17 billion versus $9.91 billion, and net income available to common stockholders was $445 million, reflecting a $357 million loss from discontinued operations that includes a charge related to the Water District Settlement Agreement. The balance sheet shifted substantially during the period. Cash and cash equivalents fell to $1.34 billion from $3.66 billion at December 31, 2022, reflecting the $1.79 billion net purchase price of the Spectrum Plastics acquisition (closed August 1, 2023), $2 billion of cash used for a new accelerated share repurchase, and $495 million of dividends. Total debt rose to $8.22 billion from $8.07 billion, largely due to commercial paper issuances. Net working capital decreased to $3.07 billion from $6.39 billion. Operating cash flow from continuing operations was $1.55 billion for the nine months, compared with $1.06 billion a year earlier. Several events after the quarter matter for investors. On November 1, 2023, DuPont closed the sale of an 80.1 percent interest in the Delrin business to TJC LP for pre-tax cash proceeds of approximately $1.28 billion plus a $350 million note receivable, and it will retain a less than 20 percent non-controlling equity interest. The company also disclosed a Water District PFAS settlement of $1.185 billion, to which DuPont contributed about $400 million, with the opt-out period ending December 4, 2023 and a fairness hearing scheduled for December 14, 2023. The Protection reporting unit's estimated fair value exceeded its carrying value by less than 5 percent at the October 1, 2023 test, and the company stated that future non-cash goodwill impairment charges may be required if macroeconomic conditions persist.
Nov 2, 2023
2023-Q2
DuPont de Nemours Quarterly Report for Q2 Ended Jun 30, 2023
DuPont de Nemours, Inc. reported second-quarter 2023 net sales of $3.09 billion, down from $3.32 billion in the second quarter of 2022. The filing attributes the decline to a 6 percent decrease in volume, a 1 percent unfavorable currency impact and a 2 percent decrease in portfolio actions, partially offset by a 2 percent increase in local price and product mix. Electronics & Industrial sales fell 14 percent, with volume declines tied to weaker semiconductor fab utilization, consumer electronics demand and channel destocking, while Water & Protection sales were flat as 5 percent higher local price offset a 4 percent volume decline. Operating EBITDA was $738 million versus $829 million a year earlier. Income from continuing operations was $269 million ($0.55 diluted EPS) versus $365 million ($0.71 diluted EPS). The reported net loss available to common stockholders of $(131) million, compared with net income of $787 million in the prior-year quarter, reflects a $(386) million loss from discontinued operations. That loss includes a charge of about $400 million, recorded in discontinued operations, for the Water District Settlement Agreement resolving PFAS claims of U.S. public water systems. The total settlement is $1.185 billion, with Chemours contributing about $592 million and DuPont and Corteva together contributing the remaining half, of which DuPont's share is about $400 million. The agreement was submitted to the court for preliminary approval on July 10, 2023, and final approval is expected about six months after preliminary approval. Liquidity remained substantial, with cash and cash equivalents of $4.885 billion and total debt of $8.075 billion at June 30, 2023. Management stated that the company had $6.2 billion of working capital. After the quarter end, the company completed the $1.75 billion acquisition of Spectrum Plastics Group on August 1, 2023, funded with existing cash, and it expects to complete the Delrin divestiture around year-end 2023. Of the $5 billion share repurchase authorization, about $2 billion remains, and the company intends to enter accelerated share repurchase agreements for that amount. The quarterly dividend is $0.36 per share.
Aug 3, 2023
2023-Q1
DuPont de Nemours Quarterly Report for Q1 Ended Mar 31, 2023
DuPont de Nemours, Inc. reported first-quarter 2023 net sales of $3.02 billion, down 8 percent from $3.27 billion a year earlier. The filing attributes the decline to a 7 percent decrease in volume, a 3 percent unfavorable currency impact and a 2 percent decrease in portfolio actions, partially offset by a 4 percent increase in local price and product mix. Volume weakness was concentrated in Electronics & Industrial, where net sales fell 16 percent and Operating EBITDA fell 24 percent to $362 million. Water & Protection net sales rose 1 percent to $1.45 billion on price gains. Net income available to DuPont common stockholders was $257 million, or $0.56 per diluted share, compared with $488 million, or $0.95 per diluted share, in the prior-year quarter. The prior-year figure included discontinued operations income of $276 million tied to the M&M Divestitures. Income from continuing operations was $273 million, compared with $232 million. Cash provided by operating activities rose to $343 million from $209 million, driven mainly by the release of cash from receivables, inventories and other assets and liabilities. As of March 31, 2023, the company held cash, cash equivalents and marketable securities of $4.8 billion against total debt of $8.1 billion, and reported working capital of $6.6 billion. No common stock was repurchased in the quarter. About $2 billion remained authorized under the $5 billion share buyback program, and a $3.25 billion accelerated share repurchase is expected to complete in the third quarter of 2023. On May 2, 2023, the company agreed to acquire Spectrum Plastics Group for $1.75 billion, or $1.72 billion net of certain tax attributes, expected to close by the end of the third quarter of 2023 and to be funded from existing cash. The filing also highlights ongoing PFAS litigation, including the SC MDL with approximately 4,100 cases and a City of Stuart trial scheduled for June 5, 2023, alongside the Chemours, Corteva and DuPont cost-sharing arrangement under the MOU.
May 3, 2023
2022-Q3
DuPont de Nemours Quarterly Report for Q3 Ended Sep 30, 2022
DuPont de Nemours, Inc. reported third-quarter 2022 net sales of $3,317 million, up from $3,199 million a year earlier, and nine-month net sales of $9,913 million, up from $9,320 million. Income from continuing operations rose to $359 million from $259 million in the third quarter, and diluted earnings per share from continuing operations were $0.69 versus $0.48. Total net income available to common stockholders fell to $367 million from $391 million because of discontinued operations, and diluted EPS overall was $0.73 versus $0.75. Operating EBITDA was $856 million for the quarter, compared with $817 million, and $2,503 million for the nine months, compared with $2,400 million. Nine-month net income of $1,679 million compares with $6,289 million in the prior-year period, which included a non-taxable gain of approximately $4,940 million on the N&B Transaction. The filing's most significant developments came after quarter end. On November 1, 2022, DuPont completed the divestiture of the majority of its historic Mobility & Materials segment to Celanese for $11.0 billion in cash, and the Delrin acetal homopolymer business divestiture was still being pursued. On November 7, 2022, the Board approved a new share repurchase program of up to $5 billion, and the company intends to enter accelerated share repurchase agreements for approximately $3.25 billion of common stock. The Rogers acquisition was terminated, with a $162.5 million termination fee paid on November 2, 2022. The company also said it intends to redeem $2.5 billion of 2018 Senior Notes due 2023 by the end of 2022 and approved restructuring actions expected to cost up to $125 million. At September 30, 2022, cash and cash equivalents were $1,785 million and total debt was $11,851 million, and short-term borrowings had risen to $1,287 million from $150 million, which the filing attributes to cash flow needs related to the M&M Divestiture and normal operating needs. Cash provided by operating activities for the nine months was $714 million, compared with $1,660 million a year earlier, mainly due to greater use of cash for net working capital. The company reported that it was in compliance with its financial covenant of a Total Indebtedness to Total Capitalization ratio not exceeding 0.60, and that its credit ratings were BBB+ (S&P, stable), Baa1 (Moody's, negative) and BBB+ (Fitch, stable) as of November 4, 2022.
Nov 8, 2022
2022-Q2
DuPont de Nemours Quarterly Report for Q2 Ended Jun 30, 2022
DuPont de Nemours, Inc. reported net sales of $3.32 billion for the second quarter of 2022, up from $3.10 billion a year earlier, and $6.60 billion for the first six months of 2022, up from $6.12 billion. Income from continuing operations, net of tax, was $365 million for the quarter versus $395 million in the prior-year quarter, and $597 million for the six months versus $781 million. Net income available to common stockholders was $787 million for the quarter ($1.55 diluted EPS) and $1.275 billion for the six months ($2.50 diluted EPS), with the results boosted by discontinued operations, which contributed $430 million for the quarter and $706 million for the six months, including a net tax benefit of $428 million and $667 million tied to internal restructurings of the businesses being divested. The company is in the process of divesting a majority of its historic Mobility & Materials segment to Celanese Corporation for $11.0 billion in cash, with closing expected around the end of 2022, and has also approved the divestiture of its Delrin acetal homopolymer business. Because these businesses are presented as discontinued operations, continuing operations reflect the Electronics & Industrial and Water & Protection segments plus Corporate & Other. Electronics & Industrial net sales rose 16% in the quarter, driven by the July 2021 Laird Performance Materials acquisition, while Water & Protection net sales rose 6% on pricing. The company also recorded a $94 million impairment on an equity method investment in the first quarter of 2022, and cash and cash equivalents declined to $1.44 billion at June 30, 2022 from $1.97 billion at December 31, 2021. The company has a pending acquisition of Rogers Corporation for about $5.2 billion, expected to close in the third quarter of 2022, funded by a $5.2 billion term loan facility. Total debt rose to $11.3 billion from $10.8 billion, mainly due to higher commercial paper, and the company exited substantially all business operations in Russia in the second quarter of 2022. Management reports that the company is in compliance with its debt-to-capitalization covenant of 0.60.
Aug 4, 2022
2022-Q1
DuPont de Nemours Quarterly Report for Q1 Ended Mar 31, 2022
DuPont de Nemours, Inc. reported first-quarter 2022 net sales of $3.27 billion, up 9 percent from $3.02 billion a year earlier, driven by a 6 percent increase in local price and product mix and a 3 percent increase in volume, partly offset by a 2 percent unfavorable currency impact. Electronics & Industrial net sales rose 18 percent, aided by the Laird PM acquisition, while Water & Protection rose 8 percent. Operating EBITDA was $818 million versus $803 million. Income from continuing operations, net of tax, was $232 million versus $386 million, and diluted earnings per share from continuing operations were $0.42 versus $0.64. Reported net income of $508 million compares with $5,398 million in the prior-year quarter, which included a non-taxable gain of approximately $4,954 million on the N&B Transaction recorded in discontinued operations. The first quarter also included a $94 million impairment of an equity method investment within restructuring and asset related charges. The filing presents the Mobility & Materials businesses to be divested, including the $11 billion cash sale of a majority of that segment to Celanese and the pending Delrin acetal homopolymer divestiture, as discontinued operations. Those businesses contributed $288 million to income from discontinued operations in the quarter. The M&M Divestiture is expected to close around the end of 2022, and the Intended Rogers Acquisition, for about $5.2 billion, is expected to close late in the second quarter or early in the third quarter of 2022. At March 31, 2022, cash and cash equivalents were $1.67 billion, compared with $1.97 billion at December 31, 2021, and total debt was $11.04 billion, compared with $10.78 billion. Cash provided by operating activities was $209 million versus $378 million, reflecting higher working capital and other asset and liability uses. The company repurchased $375 million of common stock in the quarter, paid $0.33 per share in dividends, and had authorized a new $1.0 billion repurchase program in February 2022 under which it had not yet bought shares at quarter end.
May 6, 2022
2021-Q3
DuPont de Nemours Quarterly Report for Q3 Ended Sep 30, 2021
DuPont de Nemours, Inc. (filed as DuPont de Nemours, Inc.; NYSE: DD) reported third-quarter 2021 net sales of $4.27 billion, up from $3.63 billion a year earlier, with volume up 10 percent, local price and product mix up 6 percent, and currency and portfolio each adding 1 percent. Income from continuing operations before income taxes was $558 million versus $208 million, and Operating EBITDA rose to $1,087 million from $906 million. Nine-month net income of $6.29 billion was driven by a non-taxable gain of approximately $4,940 million on the February 1, 2021 split-off of the Nutrition & Biosciences business to International Flavors & Fragrances Inc. (IFF), which is reported within discontinued operations. Balance sheet and liquidity changed substantially during the period. Long-term debt fell to $10.63 billion from $15.61 billion after the repayment of $3 billion in term loans and the redemption of $2 billion in May 2020 notes, and cash and cash equivalents were $1.67 billion at September 30, 2021. The company completed the $2.40 billion cash acquisition of Laird Performance Materials on July 1, 2021, and repurchased 6.6 million shares for $500 million in the quarter under its $1.5 billion 2021 buyback program. The filing also reports a $5.2 billion definitive agreement, announced November 2, 2021, to acquire Rogers Corporation, expected to close in the second quarter of 2022, and a divestiture process for a substantial portion of the Mobility & Materials segment. The filing discloses significant PFAS-related exposures. Under a January 2021 memorandum of understanding with Chemours and Corteva, DuPont shares certain eligible PFAS costs, with its share capped at $2 billion, and total indemnified liabilities accrued under the MOU were $135 million at September 30, 2021. The Abbott verdict against EID, now on appeal, totals $40.25 million, and about 1,600 personal injury cases were filed in the SC MDL. The company stated it was in compliance with its debt covenant, with a maximum Total Indebtedness to Total Capitalization ratio of 0.60.
Nov 3, 2021
2021-Q2
DuPont de Nemours Quarterly Report for Q2 Ended Jun 30, 2021
DuPont de Nemours, Inc. (NYSE: DD) reported second-quarter 2021 net sales of $4.135 billion, up 26 percent from $3.289 billion a year earlier, driven by a 20 percent increase in volume, a 4 percent favorable currency impact and a 3 percent increase in local price and product mix. Income from continuing operations before income taxes was $715 million versus a $2.381 billion loss in the prior-year quarter, which included a $2.498 billion goodwill impairment. Operating EBITDA rose to $1.063 billion from $695 million. Net income available to common stockholders for the quarter was $478 million, or $0.90 per diluted share. For the six months, net income available to common stockholders was $5.872 billion, reflecting a non-taxable gain of approximately $4.950 billion on the February 1, 2021 split-off and distribution of the Nutrition & Biosciences business to International Flavors & Fragrances Inc. Balance sheet and liquidity changed substantially in the period. Cash and cash equivalents rose to $3.962 billion from $2.544 billion at year-end 2020, while long-term debt fell to $10.627 billion from $15.611 billion after the repayment of $3 billion in term loans and the redemption of $2 billion of May 2020 notes. Total stockholders' equity was $26.877 billion. The company repurchased $1.143 billion of common stock in the first six months and paid $319 million in dividends. The filing describes the July 1, 2021 acquisition of Laird Performance Materials for approximately $2.4 billion in cash, which will be part of the Electronics & Industrial segment. The filing also details significant PFAS-related contingencies. Under a memorandum of understanding with Chemours, Corteva and EID, DuPont shares eligible PFAS costs, and the company had recorded indemnified liabilities of $131 million as of June 30, 2021. The company reported that it is reasonably possible that eligible PFAS costs could exceed amounts accrued, which could have a significant effect on financial condition or cash flows.
Aug 4, 2021
2021-Q1
DuPont de Nemours Quarterly Report for Q1 Ended Mar 31, 2021
DuPont de Nemours, Inc. (NYSE: DD) reported first-quarter 2021 net sales of $3,976 million, up from $3,670 million in the first quarter of 2020, driven by a 7 percent increase in volume and a 3 percent favorable currency impact, partially offset by a 2 percent decline from portfolio actions. Operating EBITDA was $1,047 million versus $907 million a year earlier. Reported results were dominated by the February 1, 2021 split-off of the Nutrition & Biosciences (N&B) business to International Flavors & Fragrances Inc. (IFF). N&B is presented as discontinued operations, and the company recognized a non-taxable gain of approximately $4,954 million on the transaction. As a result, net income available to common stockholders was $5,394 million, or $8.90 per diluted share, compared with a loss of $616 million in the prior-year quarter. Income from continuing operations was $541 million. Balance sheet and capital structure changed significantly. Cash, cash equivalents and marketable securities were $6.4 billion at March 31, 2021, and total debt fell to $12.6 billion from $15.6 billion, mainly after repayment of the $3 billion term loan facilities. Working capital was $6.9 billion. Cash provided by operating activities was $378 million, down from $718 million, reflecting higher working capital use. The company repurchased $500 million of stock in the quarter under its 2019 program and authorized a new $1.5 billion buyback. It also announced a $2.3 billion acquisition of Laird Performance Materials, expected to close in the third quarter of 2021 and funded from existing cash, and it will redeem its $2 billion May 2020 Notes on May 13, 2021. The filing also details contingent liabilities tied to PFAS and PFOA matters, including a January 2021 memorandum of understanding with Chemours, Corteva and EID that shares eligible PFAS costs 50/50 between Chemours and the company and Corteva, with the company's and Corteva's combined share capped at $2 billion. The company accrued $62 million for future eligible PFAS costs and $11 million for the remaining Ohio MDL settlement. Other matters include the Abbott verdict, now $40.25 million, which EID has appealed. Credit ratings at April 30, 2021 were BBB+ (S&P), Baa1 (Moody's) and BBB+ (Fitch), all stable.
May 4, 2021
2020-Q3
DuPont de Nemours Quarterly Report for Q3 Ended Sep 30, 2020
DuPont de Nemours, Inc. (NYSE: DD) reported third-quarter 2020 net sales of $5.10 billion, down 6 percent from $5.43 billion a year earlier, driven by a 6 percent decrease in volume. The company posted a net loss available to common stockholders of $79 million, or $(0.11) per share, versus earnings of $372 million, or $0.50 per share, in the prior-year quarter. The result was pressured by a $183 million goodwill impairment and $384 million of restructuring and asset-related charges, largely in the Non-Core segment, partly offset by a $393 million net pre-tax benefit from the sale of the TCS/HSC disposal group. For the nine months, net sales were $15.15 billion, down 7 percent, and the company recorded a net loss available to common stockholders of $3.17 billion, or $(4.31) per share, including $3.21 billion of goodwill impairment charges, mainly tied to the Transportation & Industrial and Non-Core segments. Balance sheet and liquidity changed substantially. Cash and cash equivalents rose to $4.01 billion from $1.54 billion at year-end 2019, and total debt increased to $24.2 billion from $17.4 billion, reflecting the September 2020 N&B Notes Offering of $6.25 billion and the May 2020 offering of $2 billion of notes. The net proceeds of approximately $6.2 billion from the N&B notes are held as non-current restricted cash pending the planned Reverse Morris Trust combination of the Nutrition & Biosciences business with International Flavors & Fragrances Inc. (IFF), which is expected to close in the first quarter of 2021, with a Special Cash Payment of $7.3 billion to DuPont. Cash provided by operating activities was $2.79 billion for the nine months, compared with $831 million a year earlier. The filing also flags continuing uncertainty from COVID-19, which the company says it cannot reasonably estimate in its full effects. Strong demand was noted in electronics, water filtration, health and wellness, and personal protection, while aerospace, commercial construction, oil and gas, and select industrial markets remained weak. Ongoing PFAS-related litigation and environmental matters, including the Chemours suit and multiple state attorney general actions, remain significant contingencies that the company says it expects to be remote or not reasonably estimable in most cases.
Oct 30, 2020
2020-Q2
DuPont de Nemours Quarterly Report for Q2 Ended Jun 30, 2020
DuPont de Nemours, Inc. reported a sharp drop in second-quarter 2020 results. Net sales were $4,828 million for the three months ended June 30, 2020, versus $5,468 million a year earlier, a decrease the filing describes as 12 percent, driven by a 10 percent decrease in volume. Net loss available for DuPont common stockholders was $2,478 million, or $(3.37) per share, compared with a loss of $571 million, or $(0.76) per share, in the second quarter of 2019. The loss was driven mainly by a $2,498 million non-cash goodwill impairment charge in the Transportation & Industrial segment, recorded as the COVID-19 pandemic weakened global automotive production. The filing also cites a $21 million impairment of indefinite-lived tradenames in the same segment and approximately $160 million of charges for temporarily idling manufacturing plants, mainly in Transportation & Industrial. For the six months ended June 30, 2020, net sales were $10,049 million, down 8 percent from $10,882 million, and the net loss available to common stockholders was $3,094 million, or $(4.20) per share. Year-to-date goodwill impairments totaled $3,031 million, including a $533 million charge in the Non-Core segment in the first quarter. Cash and cash equivalents rose to $3,737 million from $1,540 million at December 31, 2019, mainly from proceeds of a $2 billion senior notes offering completed in May 2020. Total debt increased to $19,167 million from $17,447 million. Operating cash flow was $1,520 million for the six months, compared with cash used of $51 million a year earlier. The filing states that the Nutrition & Biosciences business is to be separated and combined with International Flavors & Fragrances Inc. in a Reverse Morris Trust transaction, expected to close in the first quarter of 2021, subject to IFF shareholder approval, regulatory approvals and other conditions. The company also states that Standard & Poor's rating is BBB+ with a Negative Watch outlook, and that it was in compliance with its financial covenant requiring Total Indebtedness to Total Capitalization not to exceed 0.60. Ongoing PFAS-related litigation and environmental matters remain significant contingencies, and the company says the COVID-19 impact on its results is highly uncertain.
Jul 31, 2020
2020-Q1
DuPont de Nemours Quarterly Report for Q1 Ended Mar 31, 2020
DuPont de Nemours, Inc. reported first-quarter 2020 net sales of $5.2 billion, down 4 percent from $5.4 billion a year earlier, driven by a 2 percent decrease in volume, a 1 percent unfavorable currency impact and a 1 percent decline in portfolio actions. The company posted a net loss available to common stockholders of $616 million, or $(0.83) per diluted share, compared with net income of $521 million in the prior-year period. The loss was driven primarily by a $533 million non-cash goodwill impairment charge in the Non-Core segment, tied to softening photovoltaics markets, and a $270 million impairment of long-lived assets in the same segment. Amortization of intangibles rose to $533 million from $256 million, and restructuring and asset related charges were $404 million. Operating EBITDA was $1.3 billion, compared with pro forma Operating EBITDA of $1.4 billion in the prior-year quarter. Electronics & Imaging and Nutrition & Biosciences grew Operating EBITDA, while Transportation & Industrial fell 17 percent and Non-Core fell 57 percent. The filing states that the company benefited from COVID-19-related demand in personal protection, food & beverage, health & wellness and electronics, but expects significant adverse impacts on automotive, oil & gas and select industrial end-markets, and it has idled production at several Transportation & Industrial plants. Cash provided by operating activities was $718 million, and cash and cash equivalents were $1.7 billion at March 31, 2020. The company sold its Compound Semiconductor Solutions business for approximately $420 million, recording a pre-tax gain of $197 million. The company is pursuing a proposed transaction to separate and combine its Nutrition & Biosciences business with International Flavors & Fragrances Inc. in a Reverse Morris Trust, expected to close by the end of the first quarter of 2021, with a one-time $7.3 billion cash payment to DuPont. After quarter end, DuPont issued $2 billion of 2.169 percent notes due 2023 and entered into a new $1.0 billion 364-day revolving credit facility. The filing also details ongoing PFAS-related litigation in which DuPont is named in certain matters, and it states that the company's credit ratings at April 30, 2020 included a Negative Watch outlook from S&P.
May 5, 2020
2019-Q3
DuPont de Nemours Quarterly Report for Q3 Ended Sep 30, 2019
DuPont de Nemours, Inc. (filing name: DuPont de Nemours, Inc., ticker DD) reported third-quarter 2019 net sales of $5.4 billion, down from $5.7 billion a year earlier, driven by a 3 percent volume decrease, a 2 percent unfavorable currency impact and a 1 percent decline in portfolio actions, partly offset by a 1 percent increase in local price. For the nine months ended September 30, 2019, net sales were $16.3 billion, and the company recorded a loss from continuing operations of $805 million, reflecting a $1,175 million goodwill impairment charge tied to the Nutrition & Biosciences and Non-Core segments, along with $1,149 million of integration and separation costs. Third-quarter net income available to common stockholders was $372 million ($0.50 per diluted share), compared with $501 million a year earlier, while nine-month net income was $322 million, largely supported by $1,217 million of income from discontinued operations tied to the Dow and Corteva distributions. Following the April 1, 2019 Dow distribution and the June 1, 2019 Corteva distribution, DuPont now holds the specialty products business. Cash and cash equivalents fell to $2.1 billion at September 30, 2019 from $8.5 billion at December 31, 2018, while total debt rose to $17.6 billion, reflecting $3.0 billion of term loans, $12.7 billion of 2018 senior notes and commercial paper issued in 2019. Operating cash flow was $831 million for the nine months, and free cash flow (a non-GAAP measure) was negative $1.26 billion after $2.09 billion of capital expenditures. Stockholders' equity was $41.9 billion, and the company repurchased 5.1 million shares in the third quarter for $359 million under its new $2 billion buyback program. The company also announced the agreement to sell its compound semiconductor solutions business to SK Siltron for approximately $450 million, with closing expected by the end of 2019, and declared a fourth-quarter dividend of $0.30 per share. Ongoing PFAS-related litigation, including the Chemours suit, and the allocation of legacy Historical EID liabilities remain significant contingent exposures discussed in the filing.
Oct 31, 2019
2019-Q2
DuPont de Nemours Quarterly Report for Q2 Ended Jun 30, 2019
DuPont de Nemours, Inc. (filed as DowDuPont Inc. until June 1, 2019) reported a sharply weaker second quarter 2019 following the completion of its separations. Net sales for the three months ended June 30, 2019 were $5.47 billion, down from $5.86 billion a year earlier, driven by a 5 percent volume decline, a 3 percent unfavorable currency impact and a 1 percent decline from portfolio actions, partly offset by a 2 percent increase in local price. The company recorded a net loss available to common stockholders of $571 million for the quarter (basic loss per share of $0.76), compared with income of $1.77 billion a year earlier, largely because of a $1.175 billion goodwill impairment charge tied to the Nutrition & Biosciences and Non-Core segments and $347 million of integration and separation costs. Income from discontinued operations, which now includes the Dow and Corteva businesses, was $566 million for the quarter. The balance sheet changed substantially after the Dow Distribution (April 1, 2019) and the Corteva Distribution (June 1, 2019). Total assets fell to $70.84 billion at June 30, 2019 from $187.86 billion at December 31, 2018, and cash and cash equivalents dropped to $1.66 billion from $8.55 billion. Total debt rose to $17.23 billion from $12.64 billion, with short-term borrowings of $1.62 billion, including $1.61 billion of commercial paper. Cash used for operating activities was $51 million in the first six months of 2019, and free cash flow (non-GAAP) was negative $1.85 billion. Total equity declined to $42.58 billion, reflecting the $50.49 billion spin-off impact. The company also described a new $2 billion share buyback program authorized June 1, 2019 (with $102 million used through June 30), a quarterly dividend of $0.30 per share declared for the third quarter, and a 2019 Restructuring Program with pre-tax charges expected between $85 million and $130 million. The filing notes continuing contingent exposures, including indemnification obligations to Dow and Corteva, a Chemours lawsuit related to PFAS liabilities, and ongoing PFAS-related litigation.
Aug 6, 2019
2019-Q1
DuPont de Nemours Quarterly Report for Q1 Ended Mar 31, 2019
DowDuPont Inc. reported first-quarter 2019 net sales of $19.65 billion, down from $21.51 billion a year earlier, with declines across all geographic regions and most segments. Local price fell 4 percent, currency reduced sales 3 percent and volume declined 2 percent. Net income available for common stockholders was $520 million, or $0.23 per diluted share, versus $1.10 billion ($0.47) in the prior-year quarter. Operating EBITDA was $4.02 billion versus $4.87 billion, and integration and separation costs rose to $813 million from $457 million, reflecting the Merger and the intended separations. The quarter was dominated by the separation program. Dow Inc. was distributed to shareholders effective April 1, 2019, and the Corteva distribution is expected on June 1, 2019. Dow will be presented as discontinued operations beginning in the second quarter. Cash from operating activities was $26 million, compared with cash used of $2.14 billion a year earlier, and free cash flow was negative $1.11 billion after $1.14 billion of capital expenditures. The company completed its $3.0 billion share buyback in the quarter, spending $1.6 billion in the first quarter alone. Total debt stood at $41.97 billion, and in early May the company drew $3.0 billion of term loans and terminated Historical DuPont's $3.0 billion term loan facility. The filing also details ongoing liabilities, including Union Carbide's asbestos liability of $1.24 billion at March 31, 2019, and PFOA and PFAS litigation involving Historical DuPont and Chemours. Management also announced a planned reverse stock split with a ratio between 2-for-5 and 1-for-3, subject to stockholder approval at a May 23, 2019 special meeting, and a May 2019 segment realignment that creates a Non-Core segment.
May 3, 2019
2018-Q3
DuPont de Nemours Quarterly Report for Q3 Ended Sep 30, 2018
DowDuPont Inc. reported third-quarter 2018 net sales of $20.1 billion, up 31 percent from $15.4 billion a year earlier, and up 10 percent from pro forma net sales of $18.3 billion. For the first nine months, net sales were $65.9 billion, up 55 percent from $42.4 billion, with the filing attributing much of the increase to the Merger. Net income available for common stockholders was $497 million, or $0.21 per diluted share, in the third quarter, compared with $514 million, or $0.32, a year earlier. Results were affected by large non-operating items: integration and separation costs of $666 million in the quarter and $1.68 billion for the nine months, restructuring and asset related charges of $290 million in the quarter, and a $1.49 billion inventory step-up charge for the nine months. The effective tax rate was 37.4 percent for the third quarter and 26.7 percent for the nine months. Cash flow was weak. Cash used for operating activities was $370 million for the nine months, compared with $2.52 billion used a year earlier, as working capital needs, pension contributions and integration costs more than offset cash earnings. Pension contributions totaled $2.80 billion for the nine months, including $1.1 billion discretionary contributions each from Dow and DuPont in the third quarter. Capital expenditures were $2.56 billion, producing negative free cash flow of $2.93 billion. Cash and marketable securities were $7.31 billion at September 30, 2018, against total debt of $35.17 billion. The company is preparing to separate its agriculture, materials science and specialty products businesses in one or more tax-efficient transactions. The filing discloses Form 10 registration statements for Dow Holdings Inc. (materials science) and Corteva, Inc. (agriculture). On November 1, 2018, the company announced a new $3 billion share buyback expiring March 31, 2019, and raised its cost synergy commitment from $3.3 billion to $3.6 billion. An $85 million impairment of in-process R&D and a $41 million impairment on China joint ventures, both in Agriculture, were recorded. DuPont separately recorded a $4.5 billion goodwill impairment for its agriculture reporting unit in its own report, but the charge did not carry through to DowDuPont.
Nov 2, 2018
2018-Q2
DuPont de Nemours Quarterly Report for Q2 Ended Jun 30, 2018
DowDuPont Inc. (filed as DowDuPont Inc.; now DuPont de Nemours) reported second-quarter 2018 net sales of $24.245 billion, up from $13.834 billion a year earlier, driven primarily by the Merger of Dow and DuPont completed August 31, 2017, along with volume growth, higher local pricing and favorable currency. Net income available for common stockholders was $1.768 billion, or $0.76 per diluted share, compared with $1.321 billion, or $1.07 per diluted share, in the prior-year quarter. Integration and separation costs rose to $558 million and restructuring charges were $189 million, while the Synergy Program is expected to be completed by the end of 2019 and the Company intends to pursue separation of its agriculture, materials science and specialty products businesses. For the first six months of 2018, net sales were $45.755 billion and net income available for common stockholders was $2.872 billion, or $1.23 per diluted share. Cash used for operating activities was $47 million, free cash flow was negative $1.633 billion, and cash and cash equivalents fell to $9.244 billion from $13.438 billion at December 31, 2017. Total debt was $34.250 billion, and the Company repurchased $2 billion of its stock in the first half of 2018, with about $1 billion remaining under the $4 billion authorization. The filing also notes a $1.057 billion reclassification to retained earnings from early adoption of ASU 2018-02, and that the Company has not completed its accounting for the Tax Cuts and Jobs Act, which produced a net deferred tax benefit of $2.642 billion since enactment. Litigation disclosures include asbestos liabilities at Union Carbide ($1.310 billion at June 30, 2018) and PFOA and GenX matters at DuPont, which the Company describes as not expected to be material beyond amounts accrued.
Aug 3, 2018
2018-Q1
DuPont de Nemours Quarterly Report for Q1 Ended Mar 31, 2018
DowDuPont Inc. reported first-quarter 2018 net sales of $21.51 billion, up from $13.23 billion in the first quarter of 2017, with the increase driven largely by the Merger of Dow and DuPont completed August 31, 2017. Net income available for DowDuPont common stockholders was $1.10 billion, or $0.47 per diluted share, compared with $888 million, or $0.72 per diluted share, a year earlier. Results were weighed down by a $703 million charge for the fair value step-up of DuPont inventories, $457 million of integration and separation costs, and $262 million of restructuring and asset related charges, partly offset by a $2.65 billion net deferred tax benefit recorded since the enactment of the Tax Cuts and Jobs Act. On a pro forma basis, the filing reports net sales up 5 percent from $20.47 billion, with Operating EBITDA of $4.87 billion versus pro forma $4.61 billion. Cash flow was weak in the quarter, with cash used for operating activities of $2.14 billion and free cash flow of negative $2.91 billion, reflecting working capital needs, tax payments, pension contributions and integration costs. Cash, cash equivalents and restricted cash fell to $10.83 billion from $14.02 billion at the start of the period. The company repurchased $1.0 billion of its stock in the quarter, paid $880 million in dividends, and reported total debt of $34.46 billion, with its stated intention to repurchase roughly $1 billion more in the second quarter. Management expects 2018 capital spending of $4.2 billion to $4.4 billion and continues to pursue the intended separation of its agriculture, materials science and specialty products businesses. Key risks disclosed include ongoing PFOA and GenX litigation and government inquiries, the Union Carbide asbestos liability of $1.34 billion at March 31, 2018, and environmental accruals of $1.30 billion. Management stated that the Company's outlook remains positive, with the company seeing its strength continuing into the second quarter.
May 4, 2018
2017-Q3
DuPont de Nemours Quarterly Report for Q3 Ended Sep 30, 2017
DowDuPont Inc. reported third-quarter 2017 net sales of $15.35 billion, up from $12.48 billion a year earlier, with the filing attributing the increase largely to the August 31, 2017 merger of Dow and DuPont (the Merger), which contributed 13 percent of the sales increase. Net income available to common stockholders was $514 million, or $0.32 per diluted share, versus $719 million, or $0.63 per share, in the prior-year quarter. Results were weighed by $354 million of integration and separation costs, a $360 million inventory step-up charge tied to the Merger, a $179 million restructuring charge, and a 50.8 percent effective tax rate that included a $267 million charge related to changes in tax attributes. Partly offsetting these items were a $227 million gain on the divestiture of Dow's EAA copolymers and ionomers business and higher equity earnings of nonconsolidated affiliates. Balance sheet and cash flow changed sharply after the Merger. Total assets rose to $198.53 billion from $79.51 billion at December 31, 2016, driven by $45.50 billion of goodwill and $27.84 billion of intangible assets recognized on the acquisition of DuPont, which was accounted for with Dow as the accounting acquirer. Cash and cash equivalents reached $13.15 billion, and nine-month operating cash flow was $4.47 billion against capital expenditures of $2.30 billion, yielding free cash flow of $2.17 billion as defined by the company. Total debt was $36.90 billion, and the company reported dividends declared of $0.46 per share for the quarter. The filing also describes the planned Intended Business Separations of the agriculture, materials science and specialty products businesses, and a subsequent-event restructuring program estimated at about $2 billion of pretax charges, with approximately $1 billion expected in the fourth quarter of 2017. The filing highlights several remaining exposures, including the Bayer CropScience arbitration award of $469 million paid in May 2017, a $341 million disputed portion of the Nova Chemicals damages judgment held in other noncurrent obligations, a $1.39 billion asbestos-related liability at Union Carbide, and an environmental accrual of $1.34 billion. Management also disclosed that, after the period end, DuPont completed the FMC Transactions on November 1, 2017, and DowDuPont's board approved a $4 billion share repurchase program.
Nov 6, 2017