DuPont beats by $0.08, misses on revs; guides FY23 EPS in-line, lowers revs below consensus (72.88)
- Reports Q3 (Sep) earnings of $0.92 per share, excluding non-recurring items, $0.08 better than the FactSet Consensus of $0.84; revenues fell 7.8% year/year to $3.06 bln vs the $3.15 bln FactSet Consensus.
- "As we look at the fourth quarter, underlying consumer electronics demand is expected to be similar with the third quarter and reflected by stable order rates from our customers, with some sequential sales lift expected in Semiconductor Technologies," Koch continued. "However, versus our prior guidance, we are seeing additional channel inventory destocking and slower industrial water demand in China. We are revising our 2023 full year net sales and operating EBITDA guidance to reflect near-term volume headwinds and are also planning additional restructuring actions with realization of savings expected to begin later in the first quarter of 2024."
- Co issues guidance for FY23, sees EPS of ~$3.45, excluding non-recurring items, vs. $3.45 FactSet Consensus and prior guidance of $3.40-3.50; sees FY23 revs of ~$12.17 bln vs. $12.44 bln FactSet Consensus and prior guidance of $12.45-12.55 bln.
- Expects Operating EBITDA ~$2,975