DuPont (NYSE: DD), the chemical giant reported fourth-quarter adjusted earnings of $0.89 per share, exceeding Street expectations of $0.78. Sales declined by 4% year-over-year, with revenue hitting $3.1 billion and surpassing analysts’ expectations by $10 million.
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The company announced a first-quarter dividend of $0.36 per share, a 9% rise, payable on March 15, to stockholders of record at the close of business on February 28. DuPont also launched an accelerated stock buyback program worth $3.25 billion and reduced its long-term debt by $2.5 billion.
Looking forward, management now expects revenue for Q1 and FY23 to be approximately $2.9 billion and in the range of $12.3 billion to $12.9 billion, respectively. For reference, analysts are expecting revenues of $3.1 billion and $13.1 billion in fiscal Q1 and FY23, respectively.
Lori Koch, DuPont’s CFO commented, “For the first quarter of 2023, we anticipate continued weakness in these consumer-driven, short-cycle end markets resulting in organic sales declines in the mid single-digits versus the year-ago period.”
Adjusted EPS is anticipated to be around $0.80 and between $3.50 and $4 per share in fiscal Q1 and FY23, respectively. Consensus estimates are $0.87 and $3.87 per share for Q1 and FY23, respectively.
Overall, Wall Street analysts are bullish about DD stock with a Strong Buy consensus rating based on 10 Buys and three Holds.
