Copyright Reuters
The Wilmington, Delaware-based company has been undergoing a strategic reorganization and attempting to streamline its portfolio as the chemicals industry grapples with higher feedstock and energy costs. Sign up here. Weak demand in key end markets, especially in Europe - where strict regulations have raised the cost of manufacturing - also weighs on the industry. In August, DuPont had said it would sell its heat-resistant fiber business, Aramids, which houses brands such as body armor maker Kevlar, to peer Arclin for $1.8 billion. The company's board also greenlit the previously announced separation of its electronics business, Qnity Electronics - a segment that includes semiconductor technologies and interconnect solutions - in October. For the fourth quarter, DuPont expects adjusted profit of 43 cents per share, slightly below the expectation of 45 cents, according to data compiled by LSEG. The company forecast net sales of about $1.69 billion, also below analysts' average estimate of $1.72 billion. Net sales in the industrials segment climbed 4.8% to $1.8 billion in the reported quarter, while the electronics segment saw an 11.2% increase to $1.28 billion, both compared to last year. DuPont also announced a new share repurchase authorization of up to $2 billion of its common stock and expects to launch a $500 million accelerated share repurchase imminently. The company now expects full-year adjusted earnings of about $1.66 per share compared with analysts' average estimate of $2.67 per share. On an adjusted basis, DuPont reported profit of $1.09 per share for the three months ended September 30, compared with analysts' estimate of $1.06 apiece. Reporting by Pooja Menon in Bengaluru; Editing by Pooja Desai
