PR Newswire
WILMINGTON, Del., Feb. 6, 2024
Announces New Share Repurchase Authorization and Quarterly Dividend Increase
Fourth Quarter 2023 Highlights
Full Year 2023 Highlights
Capital Allocation Updates
WILMINGTON, Del., Feb. 6, 2024 /PRNewswire/ -- DuPont (NYSE: DD) announced its financial results(1) for the fourth quarter and full year ended December 31, 2023.
"In the face of inventory destocking that impacted many of our end-markets in 2023 and continued economic softness in China, our teams remained focused on sound operational execution and driving productivity and cost discipline," said Ed Breen, DuPont Executive Chairman and Chief Executive Officer. "We delivered significant year-over-year cash flow improvement in 2023, including a strong fourth quarter finish, which underscores our ongoing prioritization of working capital management."
"We continue to see demand stabilization within Semiconductor Technologies and Interconnect Solutions and we remain confident of a broad-based electronics materials recovery in 2024. We did, however, see incremental channel inventory destocking within our industrial-based businesses as we closed out 2023 and we are seeing similar trends continue as we enter 2024 with recovery timing expected to vary by end-market as the year progresses," Breen added. "We remain confident in the through-cycle strength of our portfolio as our businesses are well-equipped to leverage market-leading positions and accelerate growth as inventories normalize and key end-markets recover."
"We also continue to execute on our capital allocation strategy," Breen continued. "Today we announced completion of the $2 billion accelerated share repurchase transaction launched last September, which completes our previous $5 billion share repurchase program announced in November 2022. We also announced authorization of a new $1 billion share repurchase program and a 6% increase to our quarterly dividend. These actions demonstrate our ongoing commitment to a balanced capital allocation approach focused on value creation for our shareholders."
(1) | Results and cash flows are presented on a continuing operations basis. See page 8 for further information, including the basis of presentation included in this release. |
(2) | Adjusted EPS, operating EBITDA, organic sales, adjusted free cash flow and adjusted free cash flow conversion are non-GAAP measures and only reflect continuing operations. See pages 9-10 for further discussion, including a definition of significant items. Reconciliation to the most directly comparable GAAP measure, including details of significant items begins on page 15 of this communication. Adjusted EPS outlook on page 6 assumes $1B share repurchase program is substantially complete by year-end 2024. |
(3) | Future dividends are at the discretion of the DuPont Board of Directors. |
Fourth Quarter 2023 Results(1) | ||||
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Dollars in millions, unless noted | 4Q'23 | 4Q'22 | Change vs. 4Q'22 | Organic Sales (2) vs. 4Q'22 |
Net sales | $2,898 | $3,104 | (7) % | (10) % |
GAAP (Loss) Income from continuing operations | $(300) | $105 | (385) % | |
Operating EBITDA(2) | $715 | $758 | (6) % | |
Operating EBITDA(2) margin % | 24.7 % | 24.4 % | 30 bps | |
GAAP EPS from continuing operations | $(0.72) | $0.20 | (460) % | |
Adjusted EPS(2) | $0.87 | $0.89 | (2) % | |
Cash provided by operating activities – cont. ops. | $646 | $185 | 249 % | |
Adjusted free cash flow(2) | $501 | $188 | 166 % | |
Net sales
GAAP Loss from continuing operations
Operating EBITDA(2)
Adjusted EPS(2)
Cash provided by operating activities from continuing operations
Full Year 2023 Results(1) | ||||
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Dollars in millions, unless noted | FY'23 | FY'22 | Change vs. FY'22 | Organic Sales (2) vs. FY'22 |
Net sales | $12,068 | $13,017 | (7) % | (6) % |
GAAP Income from continuing operations | $533 | $1,061 | (50) % | |
Operating EBITDA(2) | $2,942 | $3,261 | (10) % | |
Operating EBITDA(2) margin % | 24.4 % | 25.1 % | (70)bps | |
GAAP EPS from continuing operations | $1.09 | $2.02 | (46) % | |
Adjusted EPS(2) | $3.48 | $3.41 | 2 % | |
Cash provided by operating activities – cont. ops. | $2,191 Werbung Mehr Nachrichten zur Dupont De Nemours Inc. Aktie kostenlos abonnieren
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