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DuPont de Nemours, Inc.

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DuPont de Nemours Inc dropped 8% to $63.55 after the company forecasted weaker-than-expected revenue and earnings outlook in the current quarter on the slower than expected recovery in the electronics market.

Revenue in the first quarter decreased 8% to $3.0 billion from $3.3 billion and net income plunged to $265 million from $508 million and diluted earnings per share dropped to 56 cents from 95 cents a year ago.

“Due to the delay in electronics recovery, we are adjusting the high-end of our existing guidance ranges for full year net sales, operating EBITDA and 4 adjusted EPS.

For the second quarter 2023, we expect similar results to the first quarter as overall market conditions are anticipated to be generally the same,” said chief financial officer Lori Koch.

The company estimated second quarter revenue of $3.02 billion and operating earnings of $750 million and adjusted earnings per share of 84 cents.

For the full-year 2023, the company tightened its revenue range to between $12.3 billion and $12.5 billion and operating earnings range between $3.0 billion and $3.1 billion and adjusted earnings per share between $3.55 and $3.70.

DuPont announced the acquisition of Spectrum Plastics Group for $1.75 billion from AEA Investors. After-tax, net purchase price is $1.72 billion.

The net purchase price is 15.6 times of 2023 forecasted EBITDA and 13.2 times including expected $20 million of cost synergies.
May 2, 2023

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Year	Q1	Q2	Q3	Q4	Annual

2023	0.56	-0.28	0.70	-	-
2022	-	-	-	8.52	11.75
2021	-	-	-	-	11.89
2020	-	-	-	-	-4.01
2019	-	-	-	-	0.67