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DuPont, which makes electronic materials used in chip packaging
and mobile devices, said it benefited from a firm demand for
high-end semiconductor technologies boosted by growth in 5G
communications and data centers, amid an ongoing transition to
more advanced node technologies.
The company, once part of the erstwhile chemical giant DowDuPont,
lowered its full-year adjusted earnings to $3.27 and $3.43 per
share from its previous guidance of $3.2 to $3.5.
It also toned down annual net sales forecast to between $13
billion and $13.4 billion, from up to $13.7 billion outlined
earlier.
Dupont said net sales and operating core earnings in the current
quarter would be slightly weaker than second quarter, due to
currency headwinds and the absence of the Biomaterials sales
contribution.
Sales from electronics and industrial unit, one of the company's
highest revenue generating segments, rose 16% to $1.53 billion
in the second quarter, while the water and protection segment,
which provides treatment and purification technologies, brought
in $1.5 billion, up 6% from a year earlier.
"Underlying demand during the quarter in our key end-markets
remained strong", Chief Executive Officer Ed Breen said in a
statement.
To offset the inflationary pressures, Dupont hiked prices of its
products by 8% during the quarter.
The company's quarterly adjusted profit of 88 cents per share,
came above market estimates of 75 cents per share, according to
Refinitiv IBES data.
Total sales jumped 7% to $3.32 billion, beating estimates of
$3.25 billion.
Shares were up 1.81% at $61.29 in premarket trading.
(Reporting by Rithika Krishna in Bengaluru; Editing by Rashmi
Aich)
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