01—Abstract
Summary
Summary of the 10-Q filed May 2, 2025. Cited figures are marked; the original filing is the authoritative source.
DuPont de Nemours, Inc. reported a net loss available to common stockholders of $589 milliona, 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 millionb 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 millionc 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 milliond, 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.
02—Key points
Key Highlights
- Net loss available to common stockholders of $(589) million, or $(1.41) per diluted share, versus net income of $189 million, or $0.45 per diluted share, in Q1 2024.
- Goodwill impairment charge of $768 million in the IndustrialsCo segment, related to the Aramids reporting unit, which had no remaining goodwill after the charge.
- Net sales of $3,066 million, up from $2,931 million, driven by a 8 percent volume increase, with ElectronicsCo volume up 16 percent.
- ElectronicsCo Operating EBITDA of $373 million, up from $295 million, and IndustrialsCo Operating EBITDA of $464 million, up from $439 million.
- Acquisition, integration and separation costs of $125 million, primarily associated with the Intended Electronics Separation targeted for November 1, 2025.
- Cash and cash equivalents of $1,762 million and total debt of $7,174 million at March 31, 2025; operating cash flow from continuing operations of $382 million versus $493 million.
- Quarterly dividend of $0.41 per share declared for the second quarter of 2025, and no share repurchases in the quarter.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2025filed May 2, 2025Financial Statements
Q1 FY2025 against Q1 FY2024
| Line item | Q1 FY2025Q1 FY2024 | Change |
|---|---|---|
| Revenue | $1.61B$1.60B | +0.8% |
| Cost of Revenue | $1.07B$1.10B | −2.6% |
| Gross Profit | $543.00M$501.00M | +8.4% |
| R&D Expenses | $50.00M$125.00M | −60.0% |
| SG&A Expenses | $234.00M$384.00M | −39.1% |
| Net Income | -$589.00M$188.00M | −413.3% |
| EPS (Basic) | $-1.41$0.44 | −420.5% |
| EPS (Diluted) | $-1.40$0.44 | −418.2% |
| Shares Outstanding (Basic) | 418.50M422.80M | −1.0% |
| Shares Outstanding (Diluted) | 419.90M424.30M | −1.0% |
05—Questions
Frequently Asked Questions
Why did DuPont report a net loss this quarter after a profit a year earlier?
The main driver was a non-cash goodwill impairment charge of $768 million related to the Aramids reporting unit within the IndustrialsCo segment. Loss from continuing operations before income taxes was $(429) million, compared with income of $267 million in the first quarter of 2024. Other items included $125 million of acquisition, integration and separation costs and $47 million of restructuring and asset related charges.
What is the status of the planned separation of the Electronics business?
On January 15, 2025, DuPont announced it is targeting November 1, 2025, for completion of the Intended Electronics Separation. The filing says it does not require a shareholder vote and is subject to conditions including final Board approval, receipt of a tax opinion, effectiveness of a Form 10 registration statement, regulatory approvals and satisfactory completion of financing. The company also reorganized into two segments, ElectronicsCo and IndustrialsCo, effective in the first quarter of 2025.
How did the two business segments perform?
ElectronicsCo net sales rose 14 percent to $1,118 million, with Operating EBITDA of $373 million compared with $295 million, driven by volume growth. IndustrialsCo net sales were flat at $1,948 million, with Operating EBITDA of $464 million compared with $439 million, primarily due to increased productivity and savings from prior-year restructuring actions.
What is DuPont's liquidity and capital return position?
At March 31, 2025, the company had cash and cash equivalents of $1,762 million and total debt of $7,174 million, with working capital of $1.8 billion. Operating cash flow from continuing operations was $382 million, down from $493 million, mainly from higher working capital use. The company declared a second-quarter 2025 dividend of $0.41 per share and made no share repurchases in the quarter. The filing also notes a $1 billion 364-day revolving credit facility expiring May 7, 2025, which the company expects to replace.
What PFAS and legal exposures does the filing highlight?
The filing describes ongoing PFAS-related litigation and a binding MOU that shares certain eligible PFAS costs among DuPont, Corteva and Chemours. DuPont's indemnification liabilities under the MOU totaled $217 million at March 31, 2025. The company states it is unable to estimate a range of losses above the amounts accrued for PFAS matters, and that additional costs could have a significant effect on financial condition or cash flows.
06—Continue