DuPont De Nemours (DD) Q4 2024 earnings summary

Executive summary

• Fourth quarter 2024 sales grew 7% year-over-year to $3.1B, with double-digit organic growth in Electronics & Industrial and strong performance in water, healthcare, and medical packaging markets.

• Operating EBITDA for Q4 rose 13% to $807M, with margin expanding 140 basis points to 26.1%; adjusted EPS increased 30% to $1.13.

• Full-year 2024 net sales increased 3% to $12.4B, with operating EBITDA up 7% to $3.14B and adjusted EPS up 17% to $4.07; free cash flow conversion was 105%.

• AI-related sales rose 30% to over $300M, and strong demand in electronics, healthcare, and water markets fueled performance.

• The Electronics business separation is targeted for November 1, 2025, ahead of the initial timeline, with the Water business to be retained.

Financial highlights

• Q4 2024 net sales were $3.1B, up 7% year-over-year, with 8% volume growth and a 1% price decrease; operating EBITDA was $807M (margin 26.1%, up 140 bps), and adjusted EPS was $1.13, up 30%.

• Full-year 2024 net sales were $12.4B, operating EBITDA $3.14B (margin 25.4%, up 100 bps), adjusted EPS $4.07 (up 17%), and transaction-adjusted free cash flow $1.8B (105% conversion).

• Q4 2024 transaction-adjusted free cash flow was $455M (96% conversion).

• Q4 2024 GAAP loss from continuing operations was $(61)M; full-year GAAP income was $778M.

• Q4 organic sales by segment: Electronics & Industrial +10%, Water & Protection +6%; by region: Asia Pacific +11%.

Outlook and guidance

• 2025 guidance: net sales $12.8–$12.9B, operating EBITDA $3.325–$3.375B, adjusted EPS $4.30–$4.40; Q1 2025 guidance: net sales ~$3.025B, operating EBITDA ~$760M, adjusted EPS ~$0.95.

• Mid-single-digit organic sales growth expected for 2025, with a 1%–1.5% currency headwind.

• Electronics Co-segment expected to grow 6%-7% organically in 2025; Industrials Co-segment 3%-4%.

• New segment structure (ElectronicsCo and IndustrialsCo) to be reported from Q1 2025.