DuPont beats Q2 expectations, raises FY guidance for a second time
Chemicals firm DuPont upped its full-year guidance for a second time on Tuesday after increased demand and higher prices aided the firm in beating second-quarter expectations.
For the full year, DuPont now expects net sales between $16.5bn and $16.6bn, up from the $15.7bn-15.9bn forecast back in May, while estimated adjusted earnings per share were projected to be between $4.24 and $4.30, compared to previous guidance of $3.60-3.75 per share.
As far as the second quarter was concerned, Dupont posted growth across all segments, with its automaker-focused mobility and materials unit seeing sales rise 61% even as it raised prices in the wing by 13% in order to offset higher raw material costs.
Volumes grew double-digits in DuPont's chip division, with customers hiking investments in new technology as demand for memory chips used in servers and data centres also increased.
Adjusted net income for the quarter came in at $1.06 per share, beating analysts' expectations for a print of $0.95, while revenues increased 4% to $4.1bn.
As of 1340 BST, DuPont shares were up 2.21% in pre-market at $76.30 each.
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