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DuPont Reports Fourth Quarter, Full Year 2022 Results
February 7, 2023 | PRNewswireEstimated reading time: 1 minute
DuPont announced financial results(1) for the fourth quarter and full year of 2022.
Fourth Quarter 2022 Highlights
- 4Q Net Sales of $3.1 billion decreased 4%; organic sales increased 5% versus year-ago period
- 4Q GAAP Income from continuing operations of $105 million; operating EBITDA of $758 million
- 4Q GAAP EPS from continuing operations of $0.20; adjusted EPS of $0.89
- Launched $3.25 billion accelerated share repurchase program and retired $2.5 billion of long-term debt due in 2023 using proceeds from the M&M Divestiture completed on November 1
Full Year 2022 Highlights
- Full year 2022 Net Sales of $13.0 billion increased 4%; organic sales increased 8% versus prior year
- Full year 2022 GAAP Income from continuing operations of $1.06 billion; operating EBITDA of $3.26 billion
- Full year GAAP EPS from continuing operations of $2.02; adjusted EPS of $3.41
- Deployed more than $7.5 billion of capital during the year through share repurchases, dividends and debt paydown
"Our fourth quarter results underpin the quality of our portfolio and our ability to offset a continued challenging global macro environment by focusing on the levers within our control," said Ed Breen, DuPont Executive Chairman and Chief Executive Officer. "In the face of weak conditions in certain end-markets, namely electronics and construction, we delivered revenue and operating EBITDA results in line with our expectations."
"Our leading global market positions, disciplined pricing actions and focus on execution drove sales and earnings growth for the year and these factors will be critical as we navigate continued global macro challenges in 2023," Breen continued.
"The steps completed in 2022 to further transform our portfolio advance our strategy as a premier multi-industrial company and enable us to move forward with a stronger balance sheet and increased financial flexibility," Breen said. "For the year, we deployed more than $5.0 billion of capital through share repurchase programs and dividends and retired $2.5 billion in long-term debt which highlights our ongoing commitment to a balanced capital allocation approach. We also remain focused on value creation by strengthening our position within key growth pillars through continued investment and innovation."
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