DuPont Records 2Q Loss, but Adjusted Profit, As Revenue Declines

By Matt Grossman

DuPont de Nemours Inc. on Thursday reported falling revenue and a loss in the second quarter as industrial demand fell during the coronavirus pandemic, but the company reported a profit on an adjusted basis that excluded impairment costs.

The Wilmington, Del.-based chemicals and specialty-materials company saw revenue declines in its transportation and industrial segment, where less car building contributed to an overall 34% sales decline, and in its safety and construction segment, for which sales were down 7% year over year.

Those declines were partially offset by rising sales in electronics and imaging.

DuPont's net loss in the quarter was $2.48 billion, or $3.37 a share, compared with a loss of $571 million, or 76 cents a share, in the second quarter of 2019.

On an adjusted basis, DuPont earned a profit of 70 cents a share, the company said. Analysts polled by FactSet had forecast second-quarter adjusted earnings of 60 cents a share.

DuPont's revenue in the second quarter declined to $4.83 billion, from $5.47 billion in last year's second quarter. Analysts' consensus had anticipated revenue of $4.71 billion.

Write to Matt Grossman at [e-mail]

(END) Dow Jones Newswires

July 30, 2020 06:32 ET (10:32 GMT)

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