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DuPont beats profit estimates on strength in electronics and chips unit
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DuPont beats profit estimates on strength in electronics and chips unit
May 1, 2024 3:28 AM

May 1 (Reuters) - Industrial materials maker DuPont de

Nemours ( DD ) beat Wall Street estimates for first-quarter

profit on Wednesday, as it benefited from higher sales in its

electronics and semiconductors segment.

Chemicals companies had resorted to cost cuts and destocking

last year due to low demand in key markets. But the overall

manufacturing output is now improving.

The United States reported an increase in output in February

and March, while China and South Korea also saw some recovery

even as factory activity in many Asian economies weakened in

March.

DuPont's ( DD ) electronics and industrial unit, the biggest

segment in terms of revenue, saw a 5% rise in net sales to $1.37

billion, Analysts had expected $1.32 billion, according to LSEG

data.

The company's adjusted profit was 79 cents per share, above

analysts' average estimate of 65 cents.

DuPont ( DD ) expects second-quarter sales of $3.03 billion and

adjusted profit of 84 cents. Analysts were expecting earnings of

78 cents for the period, with sales to be in line.

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