DuPont forecast annual sales of US$12.3bil (RM52.9bil) to US$12.9bil (RM55.48bil), compared with estimates of US$12.91bil (RM55.52bil), according to Refinitiv IBES data. — Reuters
NEW YORK: DuPont de Nemours Inc projects its results to improve in the second half of the year from steadying consumer electronics demand, normalised inventory levels and China’s reopening.
China, which accounts for 20% of DuPont’s sales, has eased its zero-Covid policy that had put it at odds with the rest of the world and exacted an economic toll. The country lifted the restrictions in December, but then saw an increase in infections.
“China coming back on its own from this Covid thing alone is going to help with demand,” chief executive officer Ed Breen said in a post-earnings call.
The upbeat comments come after the industrial materials maker forecast 2023 sales and earnings below Wall Street estimates due to lower volumes during the first half of the year.
DuPont forecast annual sales of US$12.3bil (RM52.9bil) to US$12.9bil (RM55.48bil), compared with estimates of US$12.91bil (RM55.52bil), according to Refinitiv IBES data.
It expects full-year adjusted earnings between US$3.50 (RM15) and US$4 (RM17) per share, compared with estimates of US$3.86 (RM17).
Last year, the company also grappled with higher costs and supply chain constraints, and it raised its product prices.
The price hikes helped DuPont post adjusted income of 89 US cents (RM3.86) per share in the fourth quarter, compared with estimates of 78 US cents (RM3.35).
Meanwhile, the company, which raised its first-quarter dividend by 9% to 36 US cents (RM1.55) per share, said the first PFAS trial is scheduled for June and it was having conversations about a settlement.
California’s attorney general last year sued DuPont, 3M and several other companies over toxic “forever chemicals”. — Reuters
