DuPont (NYSE: DD) reported Q2 EPS of $0.70, $0.11 better than the analyst estimate of $0.59. Revenue for the quarter came in at $4.8 billion versus the consensus estimate of $4.7 billion.

• 2Q20 GAAP EPS from continuing operations of $(3.37); adjusted EPS of $0.70
• 2Q20 Net Sales of $4.8 billion, down 12 percent; organic sales down 10 percent
• 2Q20 GAAP Income (Loss) from continuing operations of $(2.5) billion and Operating EBITDA of $1.1 billion
• Operating cash flow of $802 million; $564 million free cash flow in the quarter
• Global slowdown in automotive industry from the impact of COVID-19 resulted in $2.5 billion non-cash impairment charge in Transportation & Industrial segment in the quarter
• Advanced intended separation of Nutrition & Biosciences business in preparation for intended merger with IFF in 1Q 2021; IFF shareholder vote set for August 27, 2020

"In the midst of the ongoing pandemic we delivered results ahead of expectations, while also continuing our emphasis on the safety and well-being of our employees and the needs of our customers," said Ed Breen, DuPont Executive Chairman and Chief Executive Officer. "We delivered on our structural cost commitments and generated organic revenue growth in the Electronics & Imaging and Nutrition & Biosciences segments despite significant declines in global economic activity. Additionally, we saw continued strength in Tyvek® protective garment and water end markets, achieving double digit revenue growth for the second consecutive quarter. I am proud of our team's focus on execution, and I am confident in the actions we have taken to mitigate the impact of this pandemic. I believe we are well-positioned to emerge from this as an even stronger company."

"Each of these accomplishments represents critical milestones to create a market-leading company and to generate significant value for our shareholders," Breen continued. "Our business teams, customers, and partners see tremendous opportunity for growth and greater innovation as the businesses come together. Over the next six months, we will continue our integration planning work with IFF to enable a smooth, successful launch and position the future combined company to achieve its committed cost and revenue synergies."

"The quick and decisive actions we took in the early days of the pandemic to strengthen our balance sheet, increase our cost savings initiatives, and differentially manage our portfolio enabled us to deliver a solid quarter," said Lori Koch, DuPont Chief Financial Officer. "Our businesses are well-equipped to build upon their leading market positions and outperform when markets fully recover."

GUIDANCE:

DuPont sees Q3 2020 EPS of $0.71-$0.73, versus the consensus of $0.71.

"For third quarter, we expect sales to be slightly up sequentially with improvement in automotive and residential construction mostly offset by seasonal patterns in Nutrition & Biosciences as well as the impact of supply constraints across our Tyvek® enterprise as we perform routine maintenance on the assets. Oil & gas, aerospace, industrial, and commercial construction markets will remain challenged," said Lori Koch, Chief Financial Officer of DuPont. "We expect third quarter adjusted EPS in the range of $0.71 - $0.73."

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