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DuPont de Nemours 8-K Report, Financial Results (Nov 5, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed November 5, 2024
Period End
November 5, 2024
Security
DD
In the record · 2017–202610-K910-Q288-K127

DD filed 9 annual reports (10-K), 28 quarterly reports (10-Q) and 127 current reports (8-K) between 2017 and 2026.

  1. Deal closed8-K · Jun ’19Jun ’19
  2. Leadership change8-K · Apr ’21Apr ’21
  3. Leadership change8-K · Feb ’23Feb ’23
  4. Material agreement8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed November 5, 2024. Cited figures are marked; the original filing is the authoritative source.

DuPont de Nemours, Inc. reported third quarter 2024 results for the period ended September 30, 2024, as stated in a press release furnished as Exhibit 99.1 to this Form 8-K.

Net sales were $3,192 milliona, up 4% from $3,058 million a year earlier, with organic sales growth of 3%, a favorable portfolio impact of 2%, and a 1% currency headwind. GAAP income from continuing operations rose to $480 million from $291 million, GAAP EPS from continuing operations was $1.13 versus $0.62, and adjusted EPS was $1.18 versus $0.92. Operating EBITDA was $857 million, up 11%, with operating EBITDA margin expanding 150 basis points to 26.8%.

Cash provided by operating activities from continuing operations was $737 millionb, and transaction-adjusted free cash flow was $640 million. By segment, Electronics & Industrial net sales rose 13% with 10% organic growth, driven by semiconductor and interconnect recovery, while Water & Protection net sales fell 2%, with organic sales down 2% on lower price. The company raised its full-year 2024 guidance for operating EBITDA to about $3,125 million (from $3,060-$3,110 million) and adjusted EPS to about $3.90 (from $3.70-$3.80), and full-year net sales guidance is now about $12,365 million (from $12,400-$12,500 million).

Management continues to pursue the previously announced separation of the Electronics and Water businesses from the company, which will leave DuPont as a diversified industrial company. The filing also notes the company's $1 billionc share repurchase program announced February 6, 2024, which runs through June 30, 2025. The results are furnished under Item 2.02 and are not deemed filed for Section 18 purposes.

02—Key points

Key Highlights

  1. Net sales of $3,192 million rose 4% year over year, with organic sales up 3%, a favorable portfolio impact of 2%, and a 1% currency headwind.
  2. GAAP EPS from continuing operations was $1.13 versus $0.62, and adjusted EPS was $1.18 versus $0.92, up 28%.
  3. Operating EBITDA rose 11% to $857 million, with operating EBITDA margin up 150 basis points to 26.8%.
  4. Transaction-adjusted free cash flow was $640 million, and operating cash flow from continuing operations was $737 million, flat year over year.
  5. Electronics & Industrial net sales grew 13% (10% organic), led by semiconductor technologies, while Water & Protection net sales declined 2%.
  6. Full-year 2024 guidance raised: operating EBITDA to about $3,125 million and adjusted EPS to about $3.90, while net sales guidance was lowered to about $12,365 million.
  7. The company continues its plan to separate its Electronics and Water businesses, targeting completion within 18 to 24 months of the May 22, 2024 announcement.

03—Questions

Frequently Asked Questions

  1. How did DuPont perform in the third quarter of 2024?

    Net sales were $3,192 million, up 4% from $3,058 million, with organic sales up 3%. GAAP income from continuing operations was $480 million, up 65%, and operating EBITDA was $857 million, up 11%.

  2. What drove the growth in Electronics & Industrial?

    Electronics & Industrial net sales rose 13% with 10% organic growth. The filing cites semiconductor technologies sales up more than 20% organically, driven by AI applications and increased China demand, and interconnect solutions up low-double digits organically.

  3. Did DuPont change its full-year 2024 outlook?

    Yes, the company raised its full-year operating EBITDA guidance to about $3,125 million from $3,060-$3,110 million and adjusted EPS guidance to about $3.90 from $3.70-$3.80. Full-year net sales guidance is now about $12,365 million, compared with a prior range of $12,400-$12,500 million.

  4. What is the status of the planned separations?

    DuPont plans to separate its Electronics and Water businesses in a tax-free manner, leaving the company as a diversified industrial company. The filing states the separations are expected to be completed within 18 to 24 months of the May 22, 2024 announcement and remain subject to conditions including Board approval, a tax opinion, and Form 10 registration statements.

  5. How did cash generation and share repurchases look?

    Operating cash flow from continuing operations was $737 million, and transaction-adjusted free cash flow was $640 million, which included $12 million of transaction cost payments. The filing references a $1 billion share repurchase program announced February 6, 2024, which runs until June 30, 2025.

04—Continue

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