What drove the fourth quarter 2024 results?

Net sales rose 7%, led by an 8% volume increase, with continued strength in electronics end-markets, a return to growth in medical packaging and biopharma, and further acceleration in water markets. Operating EBITDA rose 13% to $807 million, helped by volume gains, higher production rates, and restructuring savings, partly offset by higher variable compensation.

Why did the GAAP loss from continuing operations narrow, and what is the adjusted EPS picture?

GAAP loss from continuing operations improved to $(61) million from $(300) million, primarily due to lower net charges related to significant items and higher segment earnings. Adjusted EPS increased 30% to $1.13, driven mainly by higher segment earnings, a lower share count and tax rate, and lower foreign exchange losses.

What is the status of the planned Electronics separation?

DuPont is targeting November 1, 2025, for completion of the intended separation of its Electronics business and will retain the Water business. The separation will not require a shareholder vote and remains subject to conditions including final Board approval, a tax opinion, the filing and effectiveness of a Form 10 registration statement, regulatory approvals, and satisfactory completion of financing.

How will the 2025 segment reporting change?

Effective in the first quarter of 2025, the company will realign its management and reporting structure, and the businesses comprising the intended Electronics separation, currently Semiconductor and Interconnect Solutions and the electronics businesses within Industrial Solutions, will be reported as a single reportable segment. Results discussed in the filing are not reflective of this realignment.

What did DuPont guide for 2025?

For the first quarter of 2025, the company estimates net sales of about $3,025 million, operating EBITDA of about $760 million, and adjusted EPS of about $0.95. For full year 2025, it estimates net sales of $12,800 million to $12,900 million, operating EBITDA of $3,325 million to $3,375 million, and adjusted EPS of $4.30 to $4.40, assuming mid-single digit organic growth and a foreign currency headwind of about 1%.

DD 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed February 11, 2025. Cited figures are marked; the original filing is the authoritative source.

DuPont de Nemours, Inc. reported fourth quarter and full year 2024 results on February 11, 2025, and initiated 2025 financial guidance, per a press release furnished as Exhibit 99.1.

For the fourth quarter, net sales were $3,092 million^a, up 7%, with organic sales also up 7%. The company posted a GAAP loss from continuing operations of $(61) million, versus $(300) million a year earlier, and operating EBITDA of $807 million, up 13%. GAAP EPS from continuing operations was $(0.17), while adjusted EPS rose 30% to $1.13.

For full year 2024, net sales were $12,386 million^b, up 3% (organic sales up 1%), GAAP income from continuing operations was $778 million, operating EBITDA was $3,144 million, and adjusted EPS was $4.07, up 17%. Cash provided by operating activities from continuing operations was $2,321 million, and transaction-adjusted free cash flow was $1,806 million. Management highlighted continued strength in electronics end-markets and a return to year-over-year top-line growth in Water & Protection in the fourth quarter.

The company also reaffirmed progress on the intended separation of its Electronics business, which it is targeting for completion on November 1, 2025, while retaining the Water business. Effective in the first quarter of 2025, the company will realign its management and reporting structure, changing its reportable segments so that the businesses comprising the intended Electronics separation will be reported as a single segment. For 2025, DuPont guided to first quarter net sales of about $3,025 million^c, operating EBITDA of about $760 million, and adjusted EPS of about $0.95.

For full year 2025, it guided to net sales of $12,800 million to $12,900 million^d, operating EBITDA of $3,325 million to $3,375 million, and adjusted EPS of $4.30 to $4.40. The guidance assumes mid-single digit organic growth and a foreign currency headwind of about 1% for the full year.

02—Key points

Key Highlights

Q4 2024 net sales rose 7% to $3,092 million, with organic sales also up 7% on an 8% volume increase partly offset by a 1% price decrease.
Q4 2024 GAAP loss from continuing operations narrowed to $(61) million from $(300) million a year earlier, and adjusted EPS grew 30% to $1.13.
Full year 2024 net sales reached $12,386 million, up 3%, and adjusted EPS increased 17% to $4.07.
Full year 2024 transaction-adjusted free cash flow was $1,806 million, up from $1,572 million, with transaction-adjusted free cash flow conversion of 105%.
Electronics & Industrial full year 2024 net sales rose 11% to $5,930 million, with Semiconductor Technologies sales up high-teens organically, while Water & Protection net sales fell 4% to $5,423 million.
2025 guidance calls for full year net sales of $12.8 to $12.9 billion, operating EBITDA of $3.325 to $3.375 billion, and adjusted EPS of $4.30 to $4.40.
The intended Electronics separation is targeted for November 1, 2025, and the company will change its reportable segments effective in the first quarter of 2025.

03—Questions

Frequently Asked Questions

What drove the fourth quarter 2024 results?
Net sales rose 7%, led by an 8% volume increase, with continued strength in electronics end-markets, a return to growth in medical packaging and biopharma, and further acceleration in water markets. Operating EBITDA rose 13% to $807 million, helped by volume gains, higher production rates, and restructuring savings, partly offset by higher variable compensation.
Why did the GAAP loss from continuing operations narrow, and what is the adjusted EPS picture?
GAAP loss from continuing operations improved to $(61) million from $(300) million, primarily due to lower net charges related to significant items and higher segment earnings. Adjusted EPS increased 30% to $1.13, driven mainly by higher segment earnings, a lower share count and tax rate, and lower foreign exchange losses.
What is the status of the planned Electronics separation?
DuPont is targeting November 1, 2025, for completion of the intended separation of its Electronics business and will retain the Water business. The separation will not require a shareholder vote and remains subject to conditions including final Board approval, a tax opinion, the filing and effectiveness of a Form 10 registration statement, regulatory approvals, and satisfactory completion of financing.
How will the 2025 segment reporting change?
Effective in the first quarter of 2025, the company will realign its management and reporting structure, and the businesses comprising the intended Electronics separation, currently Semiconductor and Interconnect Solutions and the electronics businesses within Industrial Solutions, will be reported as a single reportable segment. Results discussed in the filing are not reflective of this realignment.
What did DuPont guide for 2025?
For the first quarter of 2025, the company estimates net sales of about $3,025 million, operating EBITDA of about $760 million, and adjusted EPS of about $0.95. For full year 2025, it estimates net sales of $12,800 million to $12,900 million, operating EBITDA of $3,325 million to $3,375 million, and adjusted EPS of $4.30 to $4.40, assuming mid-single digit organic growth and a foreign currency headwind of about 1%.

04—Continue

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