NEW YORK - DuPont (NYSE:DD) shares rose over 3% after the company reported second-quarter earnings that surpassed analyst expectations and increased its full-year 2024 guidance.
The chemical giant posted adjusted earnings per share (EPS) of $0.97, beating the consensus estimate by $0.12. Revenue for the quarter was $3.17 billion, also exceeding the analyst forecast of $3.05 billion, marking a 2% increase compared to the same period last year.
The company's optimistic outlook was reflected in its raised guidance for the third quarter and full fiscal year. For Q3 2024, DuPont forecasts an EPS of $1.03, slightly above the consensus estimate of $1.01, with revenue expectations matching the consensus at $3.2 billion.
The full-year 2024 guidance anticipates an EPS range of $3.70 to $3.80, with the midpoint of $3.75 surpassing the analyst consensus of $3.63. Revenue guidance for the year is set between $12.4 billion and $12.5 billion, which is above the consensus estimate of $12.26 billion.
Lori Koch, DuPont's CEO, attributed the quarter's success to a broad-based electronics market recovery and improvements across all Water & Protection (W&P) lines of business, including water and medical packaging end-markets. The company reported a 14% increase in adjusted EPS YoY.
Koch also highlighted strategic advancements, such as the recent acquisition of Donatelle, which enhances DuPont's healthcare offerings, and the planned separation of its electronics and water businesses.
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