DuPont Stock Plunges After Company Issues Profit Warning Amid Weak China Volumes

8xbet1Liên kết đăng nhập
Yuriko Nakao / Getty Images

Key Takeaways

  • DuPont warned that a drop in volumes will drag down fourth-quarter results and affect the current quarter.
  • The chemical giant expects a fourth quarter 2023 loss, and 2024 first quarter profit and sales that are below analysts' forecasts.
  • The company blamed inventory destocking and weak demand in China for the slump.
  • DuPont shares were down 13% at their lowest level since May in mid-afternoon trading.

DuPont (DD) shares plunged Wednesday after the chemical conglomerate issued a profit warning, citing a slump in volumes due to weak demand in China.

The company said that the channel inventory destocking and weak demand from China would affect results for both the fourth quarter and the current quarter. Those factors, as well as the lack of one-off items that benefited EBITDA in the fourth quarter, would lead to a drop in sales and earnings in the first three months of 2024, the company said.

In a statement Wednesday, the company said it anticipates current quarter earnings per share (EPS) of between 63 cents and 65 cents, compared with analysts' expectation of 88 cents. First quarter revenue would be $2.8 billion, again behind the $3 billion projected by analysts.

The company’s preliminary fourth quarter 2023 financial report, meanwhile, showed a loss from continuing operations of between $220 million and $370 million. Preliminary full year 2023 sales were $12.07 billion, below the company's guidance.
Chief Executive Officer Ed Breen said the company remains confident of a broad-based market recovery for electronic materials this year, and along with cost-cutting measures, an improvement in 2024 sales. He forecast a 10% increase in operating EBITDA in the second quarter versus the first.
DuPont noted that its closing procedures for fourth quarter and full year results are not yet complete and could change. It is set to release its final results on February 6.

DuPont shares were down 13.1% at $64.93 at around 2:00 p.m. ET, trading at its lowest level since May.

8xbet1Liên kết đăng nhập
Do you have a news tip for Investopedia reporters? Please email us at
Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. DuPont. ""
Take the Next Step to Invest
The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.
m88bet mu88 casino fun88 wtf qh88 m88 cá cược trực tuyến