DuPont downgrades top end of FY sales guidance

DuPont downgraded its full-year sales guidance on Tuesday as it pointed to a delay in the recovery of the electronics market.

The company cut the top end of its sales guidance to $12.5bn from $12.9bn, but kept the lower end at $12.3bn.

In an update for the quarter to the end of March, DuPont said net sales fell 8% on the same period a year earlier to $3bn, or 3% on an organic basis. Net income declined to $265m from $508m.

In the electronics and industrials segment, net sales fell 16% on the first quarter of last year to $1.3bn.

Chairman and chief executive Ed Breen said: "We delivered earnings in line with our expectations for the first quarter of 2023 which reflects our team’s continued strong execution despite a lower volume environment in electronics and construction-related end markets."

DuPont also announced on Tuesday that it has agreed to buy medical devices and components maker Spectrum Plastics Group from AEA Investors for $1.75bn.