DuPont (NYSE: DD) reported Q3 EPS of $0.88, $0.14 better than the analyst estimate of $0.75. Revenue for the quarter came in at $5.1 billion versus the consensus estimate of $4.98 billion.

• 3Q20 GAAP EPS from continuing operations of $(0.11); adjusted EPS of $0.88
• 3Q20 Net Sales of $5.1 billion, down 6 percent; organic sales down 6 percent
• 3Q20 GAAP Loss from continuing operations of $(72) million and Operating EBITDA of $1.3 billion
• $150 million in non-manufacturing costs savings in the quarter; approximately two-thirds structural
• Increased 2020 cost savings from current year actions from $180 million to $280 million
• Operating cash flow of $1.3 billion; $1.1 billion free cash flow in the quarter
• Significant progress on divestitures of Non-Core businesses with sale of Trichlorosilane business and equity stake in Hemlock Semiconductor JV announced in September for $725 million; agreement to sell Biomaterials signed in October 2020 for $240 million
• Intended merger of Nutrition & Biosciences business with IFF received shareholder approval; transaction continues to be on-track for a 1Q 2021 closing

"Our team remains committed to emphasizing the safety and well-being of our employees, prioritizing the needs of our customers, and executing on a playbook that enables us to quickly respond to the changing environment" said Ed Breen, DuPont Executive Chairman and Chief Executive Officer. "This commitment is evident in the results we announced today. We delivered strong performance demonstrating the value our market-leading innovation and technology provides in key end-markets such as semiconductors, smartphones, water filtration, probiotics, and personal protective equipment. The actions we have taken to right-size our cost structure and generate significant cash flow are delivering results today and we intend to maintain this momentum as we move forward."

"In September, we completed the sale of our trichlorosilane business and our stake in the Hemlock Semiconductor joint venture and earlier this month we signed an agreement to sell the Biomaterials business," Breen continued. "Execution of these Non-Core divestitures and the continued progress towards the anticipated closing of the Nutrition & Biosciences transaction(1) in the first quarter 2021 exemplify our commitment to create both market-leading businesses and value for our shareholders."

GUIDANCE:

DuPont sees FY2020 EPS of $3.17-$3.21, versus the consensus of $3.03. DuPont sees FY2020 revenue of $20.1-20.2 billion, versus the consensus of $20.1 billion.

"With a continued focus on execution, we anticipate a fourth quarter underscored by additional cash generation and operating leverage across our core segments driven by additional cost savings," said Lori Koch, Chief Financial Officer of DuPont. "We expect to deliver full-year 2020 adjusted EPS(2) in the range of $3.17 to $3.21 on net sales of $20.1 billion to $20.2 billion."

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