DuPont Logs 3Q Net Loss on Declining Sales
October 29 2020 - 6:56AM
Dow Jones News
By Matt Grossman
DuPont de Nemours Inc. on Thursday posted a loss in the latest
quarter and lower revenue year over year as the coronavirus
pandemic slowed activity in some of the company's end markets.
The Wilmington, Del.-based materials and chemicals company
reported a third-quarter net loss of $79 million, or 11 cents a
share, compared with a net profit of $372 million, or 50 cents a
share, a year earlier.
On an adjusted basis, DuPont reported a profit of 88 cents a
share. Analysts polled by FactSet had been expecting an adjusted
profit of 75 cents a share.
Revenue was $5.1 billion, a reduction from $5.43 billion in last
year's third quarter. Analysts had forecast revenue of $5.01
billion.
Sales in DuPont's electronics and imaging segment rose to $1
billion from $934 million in the year-ago period, but sales in the
nutrition and biosciences, transportation and industrial and safety
and construction businesses all fell compared with last year's
equivalent period.
Growth in subsectors such as home and personal-care markets and
Tyvek protective clothing was more than offset by drags such as
reduced car-making and slower industrial activity during the
pandemic.
Regionally, business improved in the Asia-Pacific region, while
the company logged lower revenue year over year in its other global
regions, including in the U.S. and Canada.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
October 29, 2020 06:41 ET (10:41 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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