: DuPont’s stock down 1.5% after sales miss and guidance that lags consensus

DuPont de Nemours Inc.’s stock DD fell 1.5% premarket Wednesday, after the chemicals company missed sales estimates for the third quarter and offered guidance that lagged consensus. The company, which serves the electronics, transportation, construction, water and healthcare industries, posted net income of $319 million, or 62 cents a share, for the quarter, down from $367 million, or 69 cents a share, in the year-earlier period. Adjusted per-share earnings came to 92 cents, ahead of the 84 cent FactSet consensus. Sales fell 8% to $3.058 billion from $3.317 billion, below the $3.155 billion FactSet consensus. “As expected, our Interconnect Solutions business within the electronics portfolio recorded a second straight quarter of sequential sales lift and we are seeing signs of demand stabilization within semiconductor end-markets,” Chief Executive Ed Breen said in a statement. “We are, however, seeing additional channel destocking as well as slower industrial water demand in China. The company is planning additional restructuring measures to combat the slowdown, he said. DuPont now expects full-year sales of $12.170 billion and adjusted EPS of $3.45. The FactSet consensus is for sales of $12.444 billion and EPS of $3.45. The stock has gained 6% in the year to date, while the S&P 500 SPX has gained 9%.

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