05.02.23
DuPont announced financial results for the first quarter ended March 31, 2023. Net sales of $3 billion decreased 8%, while organic sales decreased 3% versus year-ago period. DuPont reported 4% organic sales growth in Water & Protection;, but 13% organic sales declines in Electronics & Industrial.
GAAP income from continuing operations was $273 million; operating EBITDA was $714 million. Operating cash flow was $343 million; adjusted free cash flow was $102 million.
“We delivered earnings in line with our expectations for the first quarter of 2023 which reflects our team’s continued strong execution despite a lower volume environment in electronics and construction-related end markets,” said Ed Breen, DuPont executive chairman and CEO.
“While sales within Semiconductor Technologies and Interconnect Solutions were down during the quarter as expected, Industrial Solutions as well as the Water & Protection segment delivered organic sales growth and we saw continued robust demand within our auto adhesives portfolio. Our businesses are well-equipped to leverage leading market positions and accelerate growth when consumer-driven, short-cycle electronics end markets recover.”
“Today we also announced a definitive agreement to acquire Spectrum Plastics Group, a leading manufacturer of critical components and devices primarily into medical end-markets for highly complex, mission critical applications,” Breen continued. “This intended acquisition adds to DuPont’s industrial technologies growth pillar and strengthens our existing position in stable and fast-growing healthcare end-markets. We expect this deal to add substantial shareholder value over time through both growth and clear synergies with our existing medical-related products.”
GAAP income from continuing operations was $273 million; operating EBITDA was $714 million. Operating cash flow was $343 million; adjusted free cash flow was $102 million.
“We delivered earnings in line with our expectations for the first quarter of 2023 which reflects our team’s continued strong execution despite a lower volume environment in electronics and construction-related end markets,” said Ed Breen, DuPont executive chairman and CEO.
“While sales within Semiconductor Technologies and Interconnect Solutions were down during the quarter as expected, Industrial Solutions as well as the Water & Protection segment delivered organic sales growth and we saw continued robust demand within our auto adhesives portfolio. Our businesses are well-equipped to leverage leading market positions and accelerate growth when consumer-driven, short-cycle electronics end markets recover.”
“Today we also announced a definitive agreement to acquire Spectrum Plastics Group, a leading manufacturer of critical components and devices primarily into medical end-markets for highly complex, mission critical applications,” Breen continued. “This intended acquisition adds to DuPont’s industrial technologies growth pillar and strengthens our existing position in stable and fast-growing healthcare end-markets. We expect this deal to add substantial shareholder value over time through both growth and clear synergies with our existing medical-related products.”