DuPont Logs 3Q Net Loss on Declining Sales

By Matt Grossman

DuPont de Nemours Inc. on Thursday posted a loss in the latest quarter and lower revenue year over year as the coronavirus pandemic slowed activity in some of the company's end markets.

The Wilmington, Del.-based materials and chemicals company reported a third-quarter net loss of $79 million, or 11 cents a share, compared with a net profit of $372 million, or 50 cents a share, a year earlier.

On an adjusted basis, DuPont reported a profit of 88 cents a share. Analysts polled by FactSet had been expecting an adjusted profit of 75 cents a share.

Revenue was $5.1 billion, a reduction from $5.43 billion in last year's third quarter. Analysts had forecast revenue of $5.01 billion.

Sales in DuPont's electronics and imaging segment rose to $1 billion from $934 million in the year-ago period, but sales in the nutrition and biosciences, transportation and industrial and safety and construction businesses all fell compared with last year's equivalent period.

Growth in subsectors such as home and personal-care markets and Tyvek protective clothing was more than offset by drags such as reduced car-making and slower industrial activity during the pandemic.

Regionally, business improved in the Asia-Pacific region, while the company logged lower revenue year over year in its other global regions, including in the U.S. and Canada.

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(END) Dow Jones Newswires

October 29, 2020 06:41 ET (10:41 GMT)

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