Dollars in millions, unless noted
|
2Q'22
|
2Q'21
|
Change
vs. 2Q'21
|
Organic Sales (2)
vs. 2Q'21
|
Net sales
|
$3,322
|
$3,104
|
7%
|
9%
|
GAAP Income from continuing operations
|
$365
|
$395
|
(8)%
| |
Operating EBITDA(2)
|
$829
|
$780
|
6%
| |
Operating EBITDA(2) margin %
|
25.0%
|
25.1%
|
(10) bps
| |
GAAP EPS from continuing operations
|
$0.71
|
$0.73
|
(3)%
| |
Adjusted EPS(2)
|
$0.88
|
$0.79
|
11%
|
Dollars in millions, unless noted
|
2Q'22
|
2Q'21
|
Change
vs. 2Q'21
|
Organic Sales(2)
vs. 2Q'21
|
Net sales
|
$1,527
|
$1,320
|
16%
|
8%
|
Operating EBITDA
|
$480
|
$424
|
13%
| |
Operating EBITDA margin %
|
31.4%
|
32.1%
|
(70) bps
|
Dollars in millions, unless noted
|
2Q'22
|
2Q'21
|
Change
vs. 2Q'21
|
Organic Sales(2)
vs. 2Q'21
|
Net sales
|
$1,497
|
$1,412
|
6%
|
9%
|
Operating EBITDA
|
348
|
352
|
(1)%
| |
Operating EBITDA margin %
|
23.2%
|
24.9%
|
(170) bps
|
Dollars in millions, unless noted
|
3Q'22E
|
Full Year 2022E
|
Net sales
|
$3,170 - $3,370
|
$13,000 - $13,400
|
Operating EBITDA(2)
|
Approx. $810
|
$3,250 - $3,350
|
Adjusted EPS(2)
|
Approx. $0.81
|
$3.27 - $3.43
|
For further information contact:
DuPont
Investors:
Chris Mecray
chris.mecray@dupont.com
+1 302-999-2030
|
Media:
Dan Turner
daniel.a.turner@dupont.com
+1 302-299-7628
|
In millions, except per share amounts (Unaudited) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2022 | 2021 | 2022 | 2021 | |||||
Net sales | $ | 3,322 | $ | 3,104 | $ | 6,596 | $ | 6,121 |
Cost of sales | 2,149 | 1,959 | 4,259 | 3,820 | ||||
Research and development expenses | 141 | 133 | 284 | 272 | ||||
Selling, general and administrative expenses | 385 | 395 | 774 | 790 | ||||
Amortization of intangibles | 148 | 127 | 301 | 252 | ||||
Restructuring and asset related charges - net
| - | 5 | 101 | 7 | ||||
Acquisition, integration and separation costs | 13 | 23 | 21 | 29 | ||||
Equity in earnings of nonconsolidated affiliates | 20 | 20 | 46 | 43 | ||||
Sundry income (expense) - net | 94 | 135 | 97 | 154 | ||||
Interest expense | 122 | 129 | 242 | 275 | ||||
Income from continuing operations before income taxes | 478 | 488 | 757 | 873 | ||||
Provision for income taxes on continuing operations | 113 | 93 | 160 | 92 | ||||
Income from continuing operations, net of tax | 365 | 395 | 597 | 781 | ||||
Income from discontinued operations, net of tax | 430 | 92 | 706 | 5,104 | ||||
Net income | 795 | 487 | 1,303 | 5,885 | ||||
Net income attributable to noncontrolling interests | 8 | 9 | 28 | 13 | ||||
Net income available for DuPont common stockholders | $ | 787 | $ | 478 | $ | 1,275 | $ | 5,872 |
Per common share data: | ||||||||
Earnings per common share from continuing operations - basic | $ | 0.71 | $ | 0.74 | $ | 1.12 | $ | 1.37 |
Earnings per common share from discontinued operations - basic | 0.85 | 0.17 | 1.38 | 8.98 | ||||
Earnings per common share - basic | $ | 1.56 | $ | 0.91 | $ | 2.51 | $ | 10.35 |
Earnings per common share from continuing operations - diluted | $ | 0.71 | $ | 0.73 | $ | 1.12 | $ | 1.37 |
Earnings per common share from discontinued operations - diluted | 0.85 | 0.17 | 1.38 | 8.96 | ||||
Earnings per common share - diluted | $ | 1.55 | $ | 0.90 | $ | 2.50 | $ | 10.33 |
Weighted-average common shares outstanding - basic | 505.4 | 529.6 | 508.7 | 567.0 |
Weighted-average common shares outstanding - diluted | 506.3 | 531.2 | 510.2 | 568.5 |
In millions, except share amounts (Unaudited) | June 30, 2022 | December 31, 2021 | ||
Assets | ||||
Current Assets | ||||
Cash and cash equivalents
| $ | 1,439 | $ | 1,972 |
Accounts and notes receivable - net
| 2,267 | 2,159 | ||
Inventories | 2,356 | 2,086 | ||
Prepaid and other current assets | 187 | 177 | ||
Assets held for sale | - | 245 | ||
Assets of discontinued operations | 7,757 | 7,664 | ||
Total current assets
| 14,006 | 14,303 | ||
Property, plant and equipment - net of accumulated depreciation (June 30, 2022 - $4,253; December 31, 2021 - $4,142) | 5,564 | 5,753 | ||
Other Assets | ||||
Goodwill
| 16,610 | 16,981 | ||
Other intangible assets
| 5,805 | 6,222 | ||
Restricted cash and cash equivalents | 53 | 53 | ||
Investments and noncurrent receivables | 836 | 919 | ||
Deferred income tax assets
| 137 | 116 | ||
Deferred charges and other assets
| 1,429 | 1,360 | ||
Total other assets
| 24,870 | 25,651 | ||
Total Assets | $ | 44,440 | $ | 45,707 |
Liabilities and Equity | ||||
Current Liabilities | ||||
Short-term borrowings | $ | 661 | $ | 150 |
Accounts payable
| 2,135 | 2,102 | ||
Income taxes payable
| 352 | 201 | ||
Accrued and other current liabilities | 1,004 | 1,040 | ||
Liabilities related to assets held for sale | - | 25 | ||
Liabilities of discontinued operations | 1,342 | 1,413 | ||
Total current liabilities
| 5,494 | 4,931 | ||
Long-Term Debt | 10,625 | 10,632 | ||
Other Noncurrent Liabilities | ||||
Deferred income tax liabilities
| 590 | 1,459 | ||
Pension and other post-employment benefits - noncurrent | 694 | 762 | ||
Other noncurrent obligations
| 900 | 873 | ||
Total other noncurrent liabilities | 2,184 | 3,094 | ||
Total Liabilities | 18,303 | 18,657 | ||
Commitments and contingent liabilities | ||||
Stockholders' Equity | ||||
Common stock (authorized 1,666,666,667 shares of $0.01 par value each;
issued 2022: 500,896,434 shares; 2021: 511,792,785 shares)
| 5 | 5 | ||
Additional paid-in capital
| 49,176 | 49,574 | ||
Accumulated deficit | (22,808) | (23,187) | ||
Accumulated other comprehensive (loss) income | (845) | 41 | ||
Total DuPont stockholders' equity
| 25,528 | 26,433 | ||
Noncontrolling interests
| 609 | 617 | ||
Total equity
| 26,137 | 27,050 | ||
Total Liabilities and Equity | $ | 44,440 | $ | 45,707 |
In millions (Unaudited) | Six Months Ended June 30, | |||
2022 | 2021 | |||
Operating Activities | ||||
Net income | $ | 1,303 | $ | 5,885 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 623 | 724 | ||
Credit for deferred income tax and other tax related items | (922) | (157) | ||
Earnings of nonconsolidated affiliates less than (in excess of) dividends received | 6 | (38) | ||
Net periodic benefit (credit) cost | (3) | 4 | ||
Periodic benefit plan contributions | (39) | (46) | ||
Net gain on sales and split-offs of assets, businesses and investments | (67) | (5,118) | ||
Restructuring and asset related charges - net | 101 | 14 | ||
Other net loss | 37 | 92 | ||
Changes in assets and liabilities, net of effects of acquired and divested companies: | ||||
Accounts and notes receivable | (283) | (346) | ||
Inventories | (537) | (337) | ||
Accounts payable | 217 | 232 | ||
Other assets and liabilities, net | (141) | (91) | ||
Cash provided by operating activities | 295 | 818 | ||
Investing Activities | ||||
Capital expenditures | (386) | (499) | ||
Proceeds from sales of property and businesses, net of cash divested | 300 | 172 | ||
Acquisitions of property and businesses, net of cash acquired | 5 | (11) | ||
Purchases of investments | (15) | (2,001) | ||
Proceeds from sales and maturities of investments | - | 2,001 | ||
Other investing activities, net | 6 | 9 | ||
Cash used for investing activities | (90) | (329) | ||
Financing Activities | ||||
Changes in short-term notes borrowings | 511 | - | ||
Proceeds from issuance of long-term debt transferred to IFF at split-off | - | 1,250 | ||
Payments on long-term debt | - | (5,000) | ||
Purchases of common stock | (875) | (1,143) | ||
Proceeds from issuance of Company stock | 83 | 108 | ||
Employee taxes paid for share-based payment arrangements | (23) | (25) | ||
Distributions to noncontrolling interests | (20) | (24) | ||
Dividends paid to stockholders | (335) | (319) | ||
Cash transferred to IFF and subsequent adjustments | (11) | (100) | ||
Other financing activities, net | (4) | (3) | ||
Cash used for financing activities | (674) | (5,256) | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (78) | (28) | ||
Decrease in cash, cash equivalents and restricted cash | (547) | (4,795) | ||
Cash, cash equivalents and restricted cash from continuing operations, beginning of period | 2,037 | 8,733 | ||
Cash, cash equivalents and restricted cash from discontinued operations, beginning of period | 39 | 42 | ||
Cash, cash equivalents and restricted cash at beginning of period | 2,076 | 8,775 | ||
Cash, cash equivalents and restricted cash from continuing operations, end of period | 1,500 | 3,942 | ||
Cash, cash equivalents and restricted cash from discontinued operations, end of period | 29 | 38 | ||
Cash, cash equivalents and restricted cash at end of period | $ | 1,529 | $ | 3,980 |
Net Sales by Segment and Geographic Region | Three Months Ended | Six Months Ended | ||||||
In millions (Unaudited) | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||
Electronics & Industrial | $ | 1,527 | $ | 1,320 | $ | 3,063 | $ | 2,620 |
Water & Protection | 1,497 | 1,412 | 2,926 | 2,740 | ||||
Corporate & Other 1
| 298 | 372 | 607 | 761 | ||||
Total | $ | 3,322 | $ | 3,104 | $ | 6,596 | $ | 6,121 |
U.S. & Canada | $ | 1,095 | $ | 972 | $ | 2,144 | $ | 1,864 |
EMEA 2
| 565 | 552 | 1,142 | 1,110 | ||||
Asia Pacific | 1,553 | 1,486 | 3,098 | 2,961 | ||||
Latin America | 109 | 94 | 212 | 186 | ||||
Total | $ | 3,322 | $ | 3,104 | $ | 6,596 | $ | 6,121 |
Net Sales Variance by Segment and Geographic Region | Three Months Ended June 30, 2022 | |||||||||||
Local Price & Product Mix | Volume |
Total Organic | Currency | Portfolio & Other | Total | |||||||
Percent change from prior year (Unaudited) | ||||||||||||
Electronics & Industrial | 2 | % | 6 | % | 8 | % | (3) | % | 11 | % | 16 | % |
Water & Protection | 12 | (3) | 9 | (3) | - | 6 | ||||||
Corporate & Other 1
| 12 | (3) | 9 | (2) | (27) | (20) | ||||||
Total | 8 | % | 1 | % | 9 | % | (3) | % | 1 | % | 7 | % |
U.S. & Canada | 12 | % | 1 | % | 13 | % | - | % | - | % | 13 | % |
EMEA2
| 9 | (1) | 8 | (8) | 2 | 2 | ||||||
Asia Pacific | 4 | 2 | 6 | (3) | 2 | 5 | ||||||
Latin America | 10 | 4 | 14 | 1 | 1 | 16 | ||||||
Total | 8 | % | 1 | % | 9 | % | (3) | % | 1 | % | 7 | % |
Net Sales Variance by Segment and Geographic Region | Six Months Ended June 30, 2022 | |||||||||||
Local Price & Product Mix | Volume |
Total Organic | Currency | Portfolio & Other | Total | |||||||
Percent change from prior year (Unaudited) | ||||||||||||
Electronics & Industrial | 1 | % | 7 | % | 8 | % | (2) | % | 11 | % | 17 | % |
Water & Protection | 11 | (1) | 10 | (3) | - | 7 | ||||||
Corporate & Other 1
| 11 | (4) | 7 | (2) | (25) | (20) | ||||||
Total | 7 | % | 2 | % | 9 | % | (2) | % | 1 | % | 8 | % |
U.S. & Canada | 11 | % | 4 | % | 15 | % | - | % | - | % | 15 | % |
EMEA2
| 9 | - | 9 | (7) | 1 | 3 | ||||||
Asia Pacific | 3 | 2 | 5 | (2) | 2 | 5 | ||||||
Latin America | 8 | 4 | 12 | - | 2 | 14 | ||||||
Total | 7 | % | 2 | % | 9 | % | (2) | % | 1 | % | 8 | % |
Operating EBITDAby Segment
| Three Months Ended | Six Months Ended | ||||||
In millions (Unaudited) | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||
Electronics & Industrial | $ | 480 | $ | 424 | $ | 956 | $ | 860 |
Water & Protection | 348 | 352 | 689 | 707 | ||||
Corporate & Other 1
| 1 | 4 | 2 | 16 | ||||
Total | $ | 829 | $ | 780 | $ | 1,647 | $ | 1,583 |
1. In addition to corporate expenses, Corporate & Other includes activities of the Retained Businesses and previously divested businesses.
| ||||||||
Equity in Earnings of Nonconsolidated Affiliates by Segment | Three Months Ended | Six Months Ended | ||||||
In millions (Unaudited) | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||
Electronics & Industrial | $ | 9 | $ | 10 | $ | 19 | $ | 19 |
Water & Protection | 8 | 8 | 22 | 20 | ||||
Corporate & Other 1
| 3 | 2 | 5 | 4 | ||||
Total equity earnings included in operating EBITDA (GAAP) | $ | 20 | $ | 20 | $ | 46 | $ | 43 |
1. Corporate & Other includes activities of the Retained Businesses and previously divested businesses.
| ||||||||
Reconciliation of "Income (Loss) from continuing operations, net of tax" to "Operating EBITDA" | Three Months Ended | Six Months Ended | ||||||
In millions (Unaudited) | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||
Income from continuing operations, net of tax (GAAP) | $ | 365 | $ | 395 | $ | 597 | $ | 781 |
+ Provision for income taxes on continuing operations | 113 | 93 | 160 | 92 | ||||
Income from continuing operations before income taxes | $ | 478 | $ | 488 | $ | 757 | $ | 873 |
+ Depreciation and amortization | 281 | 262 | 578 | 517 | ||||
- Interest income 1
| 2 | 5 | 3 | 9 | ||||
+ Interest expense | 120 | 129 | 238 | 275 | ||||
- Non-operating pension/OPEB benefit 1
| 6 | 7 | 13 | 13 | ||||
'- Foreign exchange (gains) losses, net 1
| 9 | (10) | 4 | (16) | ||||
+ Future reimbursable indirect costs | 15 | 15 | 31 | 31 | ||||
- Significant items | 48 | 112 | (63) | 107 | ||||
Operating EBITDA (non-GAAP) | $ | 829 | $ | 780 | $ | 1,647 | $ | 1,583 |
Reconciliation of "Cash provided by operating activities" to Free Cash Flow | Three Months Ended | Six Months Ended | ||||||
In millions (Unaudited) | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||
Cash provided by operating activities (GAAP) 1
| $ | 86 | $ | 440 | $ | 295 | $ | 818 |
Capital expenditures | $ | (135) | $ | (216) | (386) | (499) | ||
Free cash flow (non-GAAP) | $ | (49) | $ | 224 | $ | (91) | $ | 319 |
Significant Items Impacting Results for the Three Months Ended June 30, 2022 | ||||||
In millions, except per share amounts (Unaudited) |
Pretax 1
|
Net Income 2
|
EPS 3
| Income Statement Classification | ||
Reported results (GAAP) | $ | 478 | $ | 357 | $ | 0.71 |
Less: Significant items | ||||||
Acquisition, integration and separation costs 4
| (13) | (11) | (0.02) | Acquisition, integration and separation costs | ||
Gain on divestiture 5
| 63 | 57 | 0.11 | Sundry income (expense) - net | ||
Intended Rogers Acquisition financing fees 6
| (2) | (2) | - | Interest expense | ||
Income tax related item | - | (11) | (0.02) | Provision for income taxes on continuing operation | ||
Total significant items
| $ | 48 | $ | 33 | $ | 0.07 |
Less: Amortization of intangibles | (148) | (115) | (0.23) | Amortization of intangibles | ||
Less: Non-op pension / OPEB benefit | 6 | 5 | 0.01 | Sundry income (expense) - net | ||
Less: Future reimbursable indirect costs | (15) | (12) | (0.02) | Cost of sales; Research and development expenses; Selling, general and administrative expenses | ||
Adjusted results (non-GAAP) | $ | 587 | $ | 446 | $ | 0.88 |
Significant Items Impacting Results for the Three Months Ended June 30, 2021 | ||||||
In millions, except per share amounts (Unaudited) |
Pretax 1
|
Net Income 2
|
EPS 3
| Income Statement Classification | ||
Reported results (GAAP) | $ | 488 | $ | 390 | $ | 0.73 |
Less: Significant items | ||||||
Acquisition, integration and separation costs 7
| (23) | (21) | (0.04) | Acquisition, integration and separation costs | ||
Restructuring and asset related charges - net 8
| (5) | (3) | (0.01) | Restructuring and asset related charges - net | ||
Gain on divestiture 9
| 140 | 105 | 0.20 | Sundry income (expense) - net | ||
Income tax related item | - | (2) | - | Provision for income taxes on continuing operation | ||
Total significant items | $ | 112 | $ | 79 | $ | 0.15 |
Less: Amortization of intangibles | (127) | (100) | (0.20) | Amortization of intangibles | ||
Less: Non-op pension / OPEB benefit | 7 | 4 | 0.01 | Sundry income (expense) - net | ||
Less: Future reimbursable indirect costs | (15) | (12) | (0.02) | Cost of sales; Research and development expenses; Selling, general and administrative expenses | ||
Adjusted results (non-GAAP) | $ | 511 | $ | 419 | $ | 0.79 |
Significant Items Impacting Results for the Six Months Ended June 30, 2022 | ||||||
In millions, except per share amounts (Unaudited) |
Pretax 1
|
Net Income 2
|
EPS 3
| Income Statement Classification | ||
Reported results (GAAP) | $ | 757 | $ | 571 | $ | 1.12 |
Less: Significant items | ||||||
Acquisition, integration and separation costs 4
| (21) | (17) | (0.03) | Acquisition, integration and separation costs | ||
Restructuring and asset related charges - net 5
| (7) | (5) | (0.01) | Restructuring and asset related charges - net | ||
Asset impairment charges 6
| (94) | (65) | (0.12) | Restructuring and asset related charges - net | ||
Gain on divestiture 7
| 63 | 57 | 0.11 | Sundry income (expense) - net | ||
Intended Rogers Acquisition financing fees 8
| (4) | (3) | (0.01) | Interest expense | ||
Income tax related item | - | (14) | (0.03) | Provision for income taxes on continuing operations | ||
Total significant items
| $ | (63) | $ | (47) | $ | (0.09) |
Less: Amortization of intangibles | (301) | (234) | (0.46) | Amortization of intangibles | ||
Less: Non-op pension / OPEB benefit | 13 | 10 | 0.02 | Sundry income (expense) - net | ||
Less: Future reimbursable indirect costs | (31) | (24) | (0.05) | Cost of sales; Research and development expenses; Selling, general and administrative expenses | ||
Adjusted results (non-GAAP) | $ | 1,139 | $ | 866 | $ | 1.70 |
Significant Items Impacting Results for the Six Months Ended June 30, 2021 | ||||||
In millions, except per share amounts (Unaudited) |
Pretax 1
|
Net Income 2
|
EPS 3
| Income Statement Classification | ||
Reported results (GAAP) | $ | 873 | $ | 778 | $ | 1.37 |
Less: Significant items | ||||||
Acquisition, integration and separation costs 9
| (29) | (26) | (0.04) | Acquisition, integration and separation costs | ||
Restructuring and asset related charges - net 5
| (7) | (5) | (0.01) | Restructuring and asset related charges - net | ||
Gain on divestitures 10
| 143 | 108 | 0.19 | Sundry income (expense) - net | ||
Income tax related item 11
| - | 75 | 0.13 | Provision for income taxes on continuing operations | ||
Total significant items
| $ | 107 | $ | 152 | $ | 0.27 |
Less: Amortization of intangibles | (252) | (197) | (0.35) | Amortization of intangibles | ||
Less: Non-op pension / OPEB benefit | 13 | 7 | 0.01 | Sundry income (expense) - net | ||
Less: Future reimbursable indirect costs | (31) | (24) | (0.04) | Cost of sales; Research and development expenses; Selling, general and administrative expenses | ||
Adjusted results (non-GAAP) | $ | 1,036 | $ | 840 | $ | 1.48 |
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DuPont de Nemours Inc. published this content on 02 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2022 10:21:10 UTC.