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Net sales increased 2% to $3.2 billion, with operating EBITDA of $798 million.
DuPont announced its financial results for the second quarter ended June 30, 2024.
Net sales increased 2% to $3.2 billion, as a favorable portfolio impact of 4% reflecting the August 2023 Spectrum acquisition was partially offset by a currency headwind of 2%. Organic sales were flat during the quarter as a 2% increase in volume was offset by a 2% decrease in price. Higher volume was driven by broad-based growth in electronics partially offset by year-over-year declines in industrial businesses, primarily Water Solutions in China and medical packaging within Safety Solutions.
Operating EBITDA was $798 million, while GAAP income from continuing operations was $176 million. Cash provided by operating activities from continuing operations was $527 million; adjusted free cash flow was $425 million.
“Our second quarter results reflect continued positive momentum led by further broad-based electronics market recovery, along with sequential improvement within all W&P lines of business, including water and medical packaging end-markets,” said Lori Koch, DuPont CEO. “On a consolidated basis for the quarter, we saw improvement across all key financial metrics including a 14 percent year-over-year increase in adjusted earnings per share. I am very pleased by the continued focus and strong execution of our global team.
“Earlier this week we announced the closing of the Donatelle acquisition which expands our healthcare offerings through enhanced expertise in medical device markets closely related to the Spectrum business which we purchased last year,” Koch continued. “In addition, we are advancing our strategic priorities and have made progress in planning key actions and milestones related to our previously announced intent to separate our electronics and water businesses.”
“I am pleased with our team’s continued focus on operational execution and the better-than-expected results delivered during the quarter,” said Antonella Franzen, DuPont CFO. “For the full year 2024, we are raising our financial guidance for net sales, operating EBITDA and adjusted EPS. At the mid-point of our updated guidance ranges, we now estimate net sales of about $12.45 billion, operating EBITDA of about $3.085 billion and adjusted EPS of $3.75 per share.
“For the third quarter of 2024, we expect a return to year-over-year organic sales growth for DuPont led by E&I with sales and earnings growth expected from W&P beginning in the fourth quarter,” Franzen concluded.
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