WILMINGTON, Del. - DuPont (NYSE:DD) reported third quarter earnings that beat analyst expectations and raised its full-year outlook, sending shares up 2.7% in early trading Tuesday.
The specialty materials company posted adjusted earnings per share of $1.18, surpassing the consensus estimate of $1.03. Revenue came in at $3.2 billion, in line with analyst projections.
DuPont saw organic sales growth of 3% in the quarter, driven by a 5% increase in volume that was partially offset by a 2% decline in pricing. The company's Electronics & Industrial segment led growth with 10% organic sales expansion.
"Our results reflect continued strong quarterly financial performance with sequential improvement across all key financial metrics," said CEO Lori Koch. She noted the company is benefiting from ongoing demand recovery in electronics while also seeing improvement in water and medical packaging end-markets.
Operating EBITDA rose 11% year-over-year to $857 million, with margins expanding 150 basis points to 26.8%.
Looking ahead, DuPont raised its full-year 2024 guidance. The company now expects adjusted EPS of $3.90, up from its prior outlook of $3.70-$3.80 and above the $3.77 consensus. Revenue is projected at $12.37 billion, slightly below the $12.44 billion analyst estimate.
DuPont said it continues to make progress on its planned separations of its electronics and water businesses announced earlier this year. The company aims to complete the separations within 18-24 months of the May 2024 announcement.
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