DD - DuPont Posts EPS Growth Despite Sales Drop; Plans Restructuring For Savings In 2024 | Benzinga
DuPont De Nemours, Inc. (NYSE: DD) reported a third-quarter FY23 sales decline of 8% year-over-year to $3.06 billion (-10% Y/Y on an organic basis), missing the consensus of $3.15 billion.
An organic sales decline of 10% reflects lower volume primarily from semiconductor and construction end-markets, as well as the impact of channel inventory destocking.
Electronics & Industrial sales $1.37 billion (-9% Y/Y) and Water & Protection sales $1.41 billion (-8% Y/Y).
Adjusted EPS was 92 cents (+12% Y/Y), above the consensus of 84 cents.
Operating EBITDA fell 9% Y/Y to $775 million, and the margin contracted 50 bps to 25.3%.
Operating cash flow for the quarter was $740 million, compared to $578 million a year ago. Adjusted free cash flow was $621 million ...