UPDATE 1-DuPont sets $1 bln stock buyback target, hikes dividend after Q4 profit beat
(Adds stock buyback plan, dividend hike and details on results)
Feb 6 (Reuters) - DuPont de Nemours beat Wall Street estimates for fourth-quarter profit on Tuesday as well as announced a new $1 billion share repurchase program and hiked its dividend.
The specialty-chemical maker's shares were up about 2% in pre-market trading.
The company's adjusted profit was 87 cents per share for the three months ended Dec. 31, compared with analysts' average estimate of 85 cents per share, according to LSEG data.
DuPont said it continues to see demand stabilization in its semiconductor technologies and interconnect solutions business and expect a "broad-based electronics materials recovery in 2024".
Sales in its electronics and industrial business, its biggest by sales, increased 1%, helped by acquisition of Spectrum Plastics Group last year.
The Delaware-based company also announced a 6% rise in its quarterly dividend. (Reporting by Saikeerthi in Bengaluru; Editing by Pooja Desai and Savio D'Souza)
