Shares of DuPont (NYSE: DD) were on an upswing in pre-market trading on Tuesday as the technology-based materials company delivered upbeat Q3 earnings.
The company reported Q3 revenues of $3.3 billion, up 4% year-over-year and surpassing analysts’ estimates by $100 million. DuPont’s organic sales increased 11% year-over-year.
Adjusted earnings came in at $0.82 per share, a growth of 4% year-over-year and surpassing Street estimates of $0.79.
The company also announced a new stock buyback program of $5 billion and its intention to retire $2.5 billion in long-term debt. DuPont’s stock buyback program was approved after the company terminated its purchase of Rogers Corp (ROG) on November 1 due to a lack of regulatory clearance.
Ed Breen, DuPont Executive Chairman, and CEO commented, “Despite a continued challenging macro environment marked by substantial cost inflation, we delivered better than expected top-line and bottom-line financial performance through disciplined operational execution including necessary targeted pricing actions.”
