DuPont Reports Second Quarter Results
- 2Q19 GAAP EPS from continuing operations of $(1.48); Adjusted EPS of $0.97, up 9 percent versus prior year
- 2Q19 GAAP Income (loss) from continuing operations of $(1.1B); Operating EBITDA of $1.4B
- Operating EBITDA margins improve 170 basis points on disciplined cost control and higher local price
- Raises full year pro forma adjusted EPS guidance to $3.75 to $3.85; lowers organic growth to slightly down versus prior year; driving additional cost actions
- $2 billion share repurchase program authorized upon stand-up as independent company; $250 million repurchased to date
August 5, 2019 – DuPont (NYSE: DD) today announced financial results for the second quarter of 2019 and raised its full year guidance for pro forma adjusted EPS to a range of $3.75 to $3.85.
“In the face of weaker than expected market conditions, our teams delivered on our bottom-line commitments by driving both cost and pricing actions resulting in operating EBITDA margin improvement of 170 basis points in the quarter,” said Marc Doyle, DuPont Chief Executive Officer.
“We also improved gross margin by more than 200 basis points with gains in each of our core segments,” Doyle continued. “We delivered these results by continuing to realize the benefits from our cost synergy initiatives, enacting new productivity programs in the face of challenged end markets, and driving higher pricing based on the value-added solutions we deliver.
We saw strength in probiotics, water, safety, aerospace and healthcare end markets where we were able to capitalize on our strong customer relationships and innovative solutions. However, our portfolio is diverse, and our top-line results were impacted by the on-going softness in our short-cycle businesses.”
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