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DuPont surpasses Q3 estimates and raises full-year forecasts and cost-cutting targets

October 30/2020

MOSCOW (MRC) -- DuPont forecasts higher-than-expected annual profits on Thursday as industrial material manufacturers� quarterly results exceeded expectations due to rigorous cost checks and a recovery in the auto industry, one of the largest markets, said Reuters

Manufacturing everything from brake fluid to fabrics used in protective clothing, the company has cut costs to combat the weak demand in some industries due to the COVID-19 pandemic.

DuPont has raised its cost-cutting target by renegotiating several contracts and speeding up headcount reduction plans, saying it expects to save USD280 million annually, USD100 million more than previously predicted.

The company, which is heavily exposed to the auto industry, has also benefited from the resurgence of automaker sales after the blockades in several economies have been eased.

Third-quarter sales in the transportation and industry business were down 14%, but up 20% from the previous quarter.

Sales in the electronics and imaging businesses increased 7%, supported by the construction of semiconductor technology prior to the launch of some premium smartphones.

Full-year earnings are projected to be between USD3.17 and USD3.21 per share, well above the estimated USD3.03, according to Refinitiv data. Net sales forecasts range from USD20.1 billion to USD20.2 billion, a midpoint, just above the estimated USD20.1 billion.

DuPont�s adjusted earnings per share is 88 cents, above the quarterly estimate of 75 cents. Sales of USD5.1 billion also exceeded analysts� estimates of USD5 billion.

It was erlier reported, DuPont is investing USD400 million in the production capacity of Tyvek nonwoven fabric made from high density polyethylene (HDPE) at its site in Luxembourg. A new building and a third work line at the production site will be constructed. The launch of new facilities is scheduled for 2021.

As per MRC ScanPlast, September HDPE imports were 18,600 tonnes, which corresponds to the figure a month earlier. Overall imports of this PE grade totalled 202,500 tonnes in January-September 2020, down by 27% year on year. The largest decrease in supplies was due to film and pipe HDPE.

The DuPont Corporation, founded in the USA in 1802, operates in more than 70 countries. The company produces specialty chemicals, offers goods and services for agriculture, food production, electronics, communications, security and protection, construction, transport and light industry. In Russia, DuPont has 100% control over the DuPont Khimprom plant since 2005, and in 2006 established a joint venture between DuPont - Russian Paints and Russian Paints.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, HDPE, neftegaz, petrochemistry, DuPont.
Category:General News
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