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DuPont stock surges after profit and sales beats, raised full-year outlook

Shares of DuPont de Nemours Inc. (DD) rallied 1.7% in premarket trading Tuesday after the specialty materials and chemicals company reported second-quarter earnings that beat expectations, amid an ongoing recovery in markets hurt by the COVID-19 pandemic a year ago, and raised its full-year outlook. The company swung to net income of $478 million, or 90 cents a share, from a loss of $2.48 billion, or $3.37 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $1.06 from 31 cents, beating the FactSet consensus of 94 cents. Sales grew 25.7% to $4.14 billion, above the FactSet consensus of $3.99 billion. For 2021, the company raised its adjusted EPS guidance range to $4.24 to $4.30 from $3.60 to $3.75 and listed its sales guidance to $16.45 billion to $16.55 billion from $15.7 billion to $15.9 billion. "Continued positive momentum in almost all of our key end-markets, including semiconductor, smartphones, automotive, and residential construction, enabled us to deliver strong second quarter results ahead of expectations with year-over-year and sequential growth in all three reporting segments," said Chief Executive Ed Breen. The stock has gained 5.0% year to date through Monday, while the S&P 500 has gained 16.8%.

-Tomi Kilgore

 

(END) Dow Jones Newswires

08-03-21 0615ET

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