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DuPont 2Q Sales, Profit Grow on Broad Industrial Recovery

By Matt Grossman

 

DuPont de Nemours Inc. Tuesday recorded greater sales and earnings in its latest quarter as greater demand in the end markets it serves pushed revenue higher.

The Wilmington, Del.-based chemicals company posted earnings of 90 cents a share, an improvement from a loss of $3.37 a share 12 months earlier. The net income available for common shareholders was $478 million, rebounding from a loss of $2.48 billion in 2020's second quarter.

Stripping out one-time items, DuPont's adjusted earnings were $1.06 a share. Analysts polled by FactSet were forecasting adjusted earnings of 94 cents a share.

Revenue rose 26% to $4.14 billion. Analysts were anticipating revenue of $3.99 billion.

Stronger demand from end-market industries such as semiconductors, smartphones, cars and residential construction contributed to the rise in sales, Chairman and chief Executive Ed Breen said.

Demand from areas such as displays, electronics and healthcare helped boost DuPont's electronics and industrial segment, where sales climbed 19% year over year to $1.3 billion. Residential construction and do-it-yourself project activity by consumers lifted DuPont's water and protection segment to sales of $1.4 billion, a 14% increase.

The recovery of the automotive market compared with earlier stages of the Covid-19 pandemic helped DuPont's mobility and materials sales rise 61% to $1.3 billion.

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

August 03, 2021 06:29 ET (10:29 GMT)

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