DuPont Q1 Report 2024

“First quarter 2024 financial results exceeded our expectations driven by better-than-expected volumes along with a continued focus by our teams on operational execution and cost discipline,” said Ed Breen, DuPont Executive Chairman and Chief Executive Officer.

“The first quarter was encouraging as the electronics market saw continued recovery, demonstrated by 11 percent year-over-year volume growth in Semiconductor Technologies and another quarter of volume growth in Interconnect Solutions. Channel inventory destocking within our industrial-based businesses has bottomed and assumed recovery timing is on track with our previous expectations. In addition, we delivered significant year-over-year cash flow improvement during the first quarter driven by our continued focus on working capital improvement,” Breen concluded.

Highlights

  • Net Sales of $2.9 billion decreased 3%; organic sales decreased 6% versus year-ago period
  • GAAP Income from continuing operations of $183 million; operating EBITDA of $682 million
  • GAAP EPS from continuing operations of $0.41; adjusted EPS of $0.79
  • Cash provided by operating activities from continuing operations of $493 million; adjusted free cash flow of $286 million
  • $500 million accelerated share repurchase (ASR) transaction launched in February was completed in April
  • Raises full year 2024 guidance for net sales, operating EBITDA and adjusted EPS

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