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DuPont said net sales for Q4 2023 fell to $2,898 million, down 7% (organic sales declined 10%). The company said GAAP loss from continuing operations was $(300) million, or $(0.72) per share.

8-KResults of Operations and Financial ConditionFiled Period of report Summary published (UTC)

Key points

AI summary
  1. DuPont said net sales for Q4 2023 fell to $2,898 million, down 7% (organic sales declined 10%). The company said GAAP loss from continuing operations was $(300) million, or $(0.72) per share.

  2. The company said it identified a triggering event for the Protection reporting unit within Water & Protection as of December 31, 2023 and recorded a non-cash goodwill impairment charge of $804 million. It cited a challenging macroeconomic environment primarily affecting construction markets, as well as channel inventory destocking in medical packaging and industrial-based end-markets.

  3. DuPont reported cash provided by operating activities from continuing operations of $2,191 million for 2023 (2022 $1,249 million), and adjusted free cash flow of $1,572 million (2022 $750 million).

  4. The company said its Board approved a new share repurchase program of up to $1 billion and declared a Q1 2024 dividend of $0.38 per share, an increase of 6%. The company said it completed the $2 billion ASR transaction.

Summary

AI-written

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the opening part of the filing body and confirmed exhibits, within a length limit. This is not a review of other exhibits, investor presentations or the full earnings call.

Q4 2023 Net Sales and GAAP Loss

DuPont said net sales for Q4 2023 fell to $2,898 million, down 7% (organic sales declined 10%). The company said GAAP loss from continuing operations was $(300) million, or $(0.72) per share.

Source · Based on the filing body and exhibits

$804 million Goodwill Impairment Charge

The company said it identified a triggering event for the Protection reporting unit within Water & Protection as of December 31, 2023 and recorded a non-cash goodwill impairment charge of $804 million. It cited a challenging macroeconomic environment primarily affecting construction markets, as well as channel inventory destocking in medical packaging and industrial-based end-markets.

Source · Based on the filing body and exhibits

2023 Full-Year Cash Flow and Free Cash Flow

DuPont reported cash provided by operating activities from continuing operations of $2,191 million for 2023 (2022 $1,249 million), and adjusted free cash flow of $1,572 million (2022 $750 million).

Source · Based on the filing body and exhibits

$1 billion Share Repurchase Approval and Dividend

The company said its Board approved a new share repurchase program of up to $1 billion and declared a Q1 2024 dividend of $0.38 per share, an increase of 6%. The company said it completed the $2 billion ASR transaction.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

Source: SEC EDGAR (U.S. Securities and Exchange Commission). Item captions are the SEC's. The summary is for reference only and is not investment advice.