2023-05-02 07:47:38 ET
DuPont’s ( NYSE: DD ) stock fell 4.9% in premarket trading Tuesday after the chemical maker reported first-quarter results. Sales for its electronics and industrial segment dropped 16% from a year earlier, or by 13% using organic metrics that adjust for foreign exchange rates, to $1.3 billion in Q1.
DuPont also said it agreed to acquire medical devices maker Spectrum Plastics Group from AEA Investors for $1.75 billion in cash.
"We delivered earnings in line with our expectations for the first quarter of 2023 which reflects our team's continued strong execution despite a lower volume environment in electronics and construction-related end markets," said Ed Breen, DuPont Executive Chairman and Chief Executive Officer. “Our businesses are well-equipped to leverage leading market positions and accelerate growth when consumer-driven, short-cycle electronics end markets recover."
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DuPont’s stock declines on weakness in electronics