DuPont Reports Second Quarter 2023 Results

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DuPont announced its financial results(1) for the second quarter ended June 30, 2023.

Second Quarter 2023 Highlights

• Net Sales of $3.1 billion decreased 7%; organic sales decreased 4% versus year-ago period
• GAAP Income from continuing operations of $269 million; operating EBITDA of $738 million
• GAAP EPS from continuing operations of $0.55; adjusted EPS of $0.85
• Cash provided by operating activities from continuing operations of $400 million; adjusted free cash flow of $277 million

"We delivered second quarter revenue and operating EBITDA results ahead of our expectations with sequential revenue and earnings growth as well as margin improvement," said Ed Breen, DuPont Executive Chairman and Chief Executive Officer. "From an end-market view, we saw continued strength during the quarter in industrial end-markets where we continue to capitalize on strong customer relationships and a rich product portfolio. Our results continue to be impacted by the ongoing softness in consumer-driven businesses primarily within electronics, however, we did see sequential sales improvement in our Interconnect Solutions business during the second quarter."

"In addition to driving solid execution, we continue to advance our strategic priorities," Breen continued. "Yesterday we announced completion of the acquisition of Spectrum which aligns with our strategy of delivering innovative solutions to attractive end-markets with long-term secular growth trends. The business combination adds to our existing medical-related offerings and increases our revenue to high-growth healthcare markets to approximately 10 percent of our portfolio. Additionally, we are nearing completion of the $3.25 billion accelerated share repurchase transaction launched last November and we intend to complete our remaining share repurchase authorization through a new $2 billion ASR executed shortly thereafter."