DowDuPont Q1 Profit Matches View

(RTTNews) - DowDuPont Inc. (DWDP) reported Thursday a profit for the first-quarter that dropped about 53 percent from the prior year. Quarterly net sales also declined 9 percent from last year on lower local price of 4 percent, a 3 percent currency headwind and volume declines of 2 percent.

Adjusted earnings matched analysts' expectations, while net sales missed their estimates.

The Agriculture division confirmed full year 2019 operating EBITDA guidance of about $2.8 billion. It is expected sales will be flat with organic sales up low single digits percent.

DowDuPont reported that net income available for common stockholders for the first-quarter decreased about 53 percent to $520 million from last year's $1.10 billion, with earnings per share declining to $0.23 from $0.47 in the previous year.

GAAP net income from continuing operations was $0.6 billion, down 50 percent from the prior year. GAAP earnings per share from continuing operations totaled $0.23, a decline of 51 percent from last year.

Adjusted earnings per share decreased 25 percent to $0.84, from $1.12 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.84 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter declined 9 percent to $19.65 billion from $21.51 billion last year. Analysts expected revenue of $19.90 billion for the quarter.

The separation of Dow was completed on April 1. It remains on track for separation of Corteva Agriscience and DuPont on June 1, the company said in statement.

Materials Science net sales decreased 10 percent to $10.8 billion. Volume grew 1 percent from the year-ago period.

Performance Materials & Coatings net sales were $2.3 billion, down 2 percent versus the year-ago period. Volume increased 1 percent, with growth in Asia Pacific and EMEA, and price was flat with the year-ago period. Currency decreased sales by 3 percent.

Industrial Intermediates & Infrastructure net sales were $3.4 billion, down 8 percent versus the year-ago period. Volume grew 6 percent, with gains in all regions.

DWDP closed Wednesday regular trading at $37.31, down $1.14 or 2.96 percent.