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DuPont de Nemours Inc. posted lower sales and swung to a loss for the first quarter as the Covid-19 pandemic led to higher demand for personal protective equipment but also disrupted supply chains.
The maker of nylon and other materials for the auto industry Tuesday posted a loss of $616 million, or 83 cents a share, compared with a profit of $521 million, or 69 cents a share, in the same quarter last year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DD | DUPONT DE NEMOURS | 44.72 | -0.35 | -0.78% |
Adjusted earnings were 84 cents a share, ahead of the 73 cents a share analysts polled by FactSet had expected.
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Sales fell to $5.22 billion from $5.41 billion in the year-ago period. Analysts were targeting $5.07 billion. The company said sales grew in its electronics-and-imaging and nutrition-and-biosciences segments, though declines in other segments offset gains.
A nurse fills out paperwork on a COVID-19 patient outside an Intensive Care Unit room, April 20, 2020, at St. Joseph’s Hospital in Yonkers, N.Y. (AP Photo/John Minchillo)
“Through April, we continue to see strength in personal protection, water filtration, food and beverage, electronics and probiotics,” Executive Chairman and Chief Executive Ed Breen said. “Automotive, oil and gas, and select industrial end markets continue to suffer.”
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The Wilmington, Del.-based company had expected per-share losses of 70 cents to $1, or earnings of 82 cents a share to 84 cents on an adjusted basis, on sales of about $5.2 billion. DuPont has withdrawn its full-year sales and adjusted-earnings guidance.
The company said it has stepped up production of personal protective equipment. DuPont said it increased the production of Tyvek garments by more than 9 million a month, double the amount produced for any prior crisis, the company said.
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The company in April said it idled several manufacturing sites that serve the auto industry after major U.S. car makers halted production. DuPont makes materials for a host of products, including solar cells, bullet-proof vests, biofuels and probiotics.
