08.03.21
DuPont announced financial results for the second quarter 2021.
Net sales totaled $4.1 billion, up 26% versus the year-ago period as reported and up 23% on an organic basis. Sales were up double-digit percent in all three reporting segments, driven most notably by the ongoing recovery in key end-markets adversely impacted by the COVID-19 pandemic in the year-ago period such as automotive, construction and industrial, along with continued strength in areas such as semiconductor and smartphones.
Operating EBITDA was $1.06 billion, up 53% versus operating EBITDA in the prior year. The improvement was driven by the ongoing recovery in key end-markets impacted by the COVID-19 pandemic in the year-ago period, most notably automotive.
Operating cash flow for the quarter was $440 million and included working capital headwinds of about $140 million led by higher inventories and higher accounts receivable balances on increased sales. Capital expenditures of $216 million resulted in free cash flow of $224 million.
“Continued positive momentum in almost all of our key end-markets, including semiconductor, smartphones, automotive, and residential construction, enabled us to deliver strong second quarter results ahead of expectations with year-over-year and sequential growth in all three reporting segments,” said Ed Breen, DuPont executive chairman and CEO.
“In addition to solid financial performance, we continue to shift our portfolio and investments toward higher growth and higher margin businesses,” Breen continued. “We closed the divestiture of the Solamet business at the end of June and on July 1st, we completed the acquisition of Laird Performance Materials, which strategically complements our Electronics & Industrial segment.”
“As a result of our strong first half of the year, our expectations of continued momentum within our key end-markets, and confidence in our team’s ability to navigate through global supply chain constraints, we are raising our guidance for the year for net sales, operating EBITDA and adjusted EPS,” said Lori Koch, CFO of DuPont.
“In addition, we are adjusting our guidance to reflect the July 1st acquisition of Laird Performance Materials, the divestiture of the Solamet business at the end of June and the impact of the retroactive reporting change that we are making for adjusted EPS. For full year 2021, we now estimate net sales to be between $16.45 billion and $16.55 billion and operating EBITDA between $4.21 billion and $4.26 billion,” Koch added. “Our outlook for full year adjusted EPS on the new basis is now in the range of $4.24 to $4.30 per share, and includes a full year benefit estimated at $0.27 per share related to the amortization reporting change.”
Net sales totaled $4.1 billion, up 26% versus the year-ago period as reported and up 23% on an organic basis. Sales were up double-digit percent in all three reporting segments, driven most notably by the ongoing recovery in key end-markets adversely impacted by the COVID-19 pandemic in the year-ago period such as automotive, construction and industrial, along with continued strength in areas such as semiconductor and smartphones.
Operating EBITDA was $1.06 billion, up 53% versus operating EBITDA in the prior year. The improvement was driven by the ongoing recovery in key end-markets impacted by the COVID-19 pandemic in the year-ago period, most notably automotive.
Operating cash flow for the quarter was $440 million and included working capital headwinds of about $140 million led by higher inventories and higher accounts receivable balances on increased sales. Capital expenditures of $216 million resulted in free cash flow of $224 million.
“Continued positive momentum in almost all of our key end-markets, including semiconductor, smartphones, automotive, and residential construction, enabled us to deliver strong second quarter results ahead of expectations with year-over-year and sequential growth in all three reporting segments,” said Ed Breen, DuPont executive chairman and CEO.
“In addition to solid financial performance, we continue to shift our portfolio and investments toward higher growth and higher margin businesses,” Breen continued. “We closed the divestiture of the Solamet business at the end of June and on July 1st, we completed the acquisition of Laird Performance Materials, which strategically complements our Electronics & Industrial segment.”
“As a result of our strong first half of the year, our expectations of continued momentum within our key end-markets, and confidence in our team’s ability to navigate through global supply chain constraints, we are raising our guidance for the year for net sales, operating EBITDA and adjusted EPS,” said Lori Koch, CFO of DuPont.
“In addition, we are adjusting our guidance to reflect the July 1st acquisition of Laird Performance Materials, the divestiture of the Solamet business at the end of June and the impact of the retroactive reporting change that we are making for adjusted EPS. For full year 2021, we now estimate net sales to be between $16.45 billion and $16.55 billion and operating EBITDA between $4.21 billion and $4.26 billion,” Koch added. “Our outlook for full year adjusted EPS on the new basis is now in the range of $4.24 to $4.30 per share, and includes a full year benefit estimated at $0.27 per share related to the amortization reporting change.”
