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DuPont sinks as Q1 outlook disappoints
(Sharecast News) - DuPont shares sank in pre-market trade on Wednesday after the company's outlook for the first quarter fell short of analysts' expectations, as it pointed to destocking and weak demand in China. The chemicals company said it now expects first-quarter adjusted earnings per share of 63 to 65 cents, down from 84 cents a year earlier and below consensus forecasts of 88 cents.
Meanwhile, net sales are expected to come in at around $2.8bn, down from $3.02bn last year and below expectations of $3.04bn. Operating EBITDA is expected to be around $610m.
Executive chairman and chief executive Ed Breen said: "In a continued lower volume environment, we remain focused on the operational levers within our control with strong cash generation during the fourth quarter.
"As we finished 2023, we saw additional channel inventory destocking within our industrial businesses as well as continued weak demand in China. We are seeing similar trends continue and expect sequential sales and earnings to decline in the first quarter of 2024, driven by these factors and the absence of certain discrete items which benefited fourth quarter operating EBITDA."
At 1250 GMT, the shares were down 12% in pre-market trade at $65.90.
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