American chemical company DuPont de Nemours Inc. sharply increased net income in the second quarter of this year and increased revenue by 7%, but its forecast for the third quarter disappointed investors, said the company.
DuPont's net income in April-June 2022 was USD787 million, or USD1.55 per share, compared to USD478 million, or $0.90 per share, for the same period last year. Earnings excluding one-off factors were USD0.88 per share. DuPont's revenue last quarter increased to USD3.32 billion from USD3.1 billion.
Analysts polled by FactSet had, on average, expected adjusted earnings of USD0.75 per share on revenue of USD3.26 billion. The company expects its third-quarter revenue to be slightly lower than its second-quarter due to the negative impact of currency fluctuations and unplanned plant downtime in Virginia. The consensus forecast of analysts is USD3.39 billion, which provides for revenue growth of 2.1% compared to the second quarter.
DuPont also narrowed its adjusted earnings per share forecast for the full year as a whole to USD3.27-3.43 from USD3.2-3.5. DuPont's capitalization has fallen by a quarter since the beginning of 2022, to USD31.1 billion, while the Standard & Poor's 500 stock index has lost 13.6% over this period.
As per MRC, DuPont announced completion of the previously-announced sale of its Biomaterials business unit, effective May 31, 2022, to the Huafon Group for a purchase price of approximately USD240 mln, said the company.
The results of operations of the Biomaterials business unit were previously reported in Corporate & Other. For full year 2021, the Biomaterials business unit recorded net sales of approximately USD200 million.
mrchub.com