DuPont (NYSE: DD) reported Q1 EPS of $0.84, $0.09 better than the analyst estimate of $0.75. Revenue for the quarter came in at $5.2 billion versus the consensus estimate of $5.07 billion.

• 1Q20 GAAP EPS from continuing operations of $(0.83); adjusted EPS of $0.84
• 1Q20 GAAP Income (Loss) from continuing operations of $(610) million and Operating EBITDA of $1.3 billion
• 1Q20 Net Sales of $5.2 billion, down 4 percent; organic sales down 2 percent
• Further strengthened liquidity with $1.0 billion revolving credit facility
• Issued $2.0 billion bond to refinance debt maturities due in November 2020; replaces the $2.0 billion 364-day delayed-draw facility
• Continues to advance separation of Nutrition & Biosciences business in preparation for merger with IFF in 1Q 2021
• Implemented initiatives to mitigate the impact of COVID-19 including actions to deliver more than $500 million of working capital improvement and reducing capital expenditures by ~$500 million versus the prior year

"In the face of an unprecedented health, financial, and humanitarian crisis, we are prioritizing the safety and well-being of our employees, customers, suppliers, and other stakeholders," said Ed Breen, DuPont Executive Chairman and Chief Executive Officer. "Our colleagues are working tirelessly to support the massive effort to provide critical protection to healthcare and other front-line workers who bear the greatest burden in the fight against this pandemic. Our innovation capabilities are enabling us to rapidly create and deploy new tools in this battle and we will continue to advance those, along with targeted in-kind and financial donations, to provide as many as possible with our solutions."

"By continuing to invest in our R&D engine across the Company, prioritizing cash generation, further improving our cost structure, and advancing our portfolio rationalization efforts, we delivered first quarter results above our initial expectations in each core segment and positioned ourselves for future growth and profitability."

"Along with IFF, we remain committed to creating the global leader in high-value ingredients and solutions for Food & Beverage, Home & Personal Care, and Health & Wellness markets," Breen added. "The combination of our Nutrition & Biosciences business with IFF remains on track for a 1Q 2021 closing(1), and we plan to file the initial registration statement with the SEC in the coming days. This represents another important milestone towards creating tremendous opportunity for our employees and customers, as well as significant value for our shareholders."

Outlook

"DuPont has weathered many challenges and crises over its two centuries and our team is navigating this period with the benefit of our cumulative expertise," Breen said. "While it is still impossible to predict timing, our markets will eventually stabilize and return to growth. In the interim we are prioritizing the safety and health of our employees, safely maintaining our operations, strengthening our balance sheet, and partnering with other industry leaders to combat this pandemic. Through April, we continue to see strength in personal protection, water filtration, food and beverage, electronics and probiotics. Automotive, oil and gas, and select industrial end markets continue to suffer. We are monitoring developments across our geographies and operations on a daily basis and we will continue to adapt to the changing environment. Over the longer term, our resilient people and our operational discipline will help assure that we weather this period, deliver for our stakeholders, and emerge strong when recovery eventually begins," Breen said.

"We have intensified our focus on what we can control in this rapidly changing business environment by executing on a disciplined plan. This includes optimizing working capital, deferring certain capital expenditures, improving our cost structure, and strengthening our liquidity," said Lori Koch, DuPont Chief Financial Officer. "These actions will ensure our balance sheet remains strong and all of our businesses are positioned for growth when market demand returns."

For earnings history and earnings-related data on DuPont (DD) click here.