DuPont (DD) Announces Strategic Collaboration with YMT in Korea
DuPont de Nemours, Inc. DD signed a strategic collaboration agreement with YMT, a Korean printed circuit board (PCB) materials maker. The partnership combines DuPont's knowledge in circuit imaging materials with YMT's local network, allowing them to best serve local customer needs with faster response, better service and a holistic solution. YMT has invested in setting up a dry film slitting plant in Ansan, Korea, as part of this agreement. The facility is expected to be operational in October.
The Riston dry film photoresist technology will be featured by DuPont and YMT in the KPCA show on Sep 6-8. For high-end segments like Integrated Circuit substrate, High-Density Interconnect, and Semi-Additive Process, DuPont and YMT will demonstrate a variety of Riston circuit imaging materials designed for fine-line applications and cutting-edge PCB technology.
Shares of DD have gained 34% over the past year compared with the 10.4% rise of its industry.
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The company, on its second-quarter call, stated that it now expects net sales for 2023 to be in the range of $12,450-$12,550 million. Adjusted earnings per share for 2023 are forecast to be $3.40-$3.50. For third-quarter 2023, it expects net sales of roughly $3,150 million. Adjusted earnings per share for the quarter are projected at roughly 84 cents.
The Electronics & Industrial segment is expected to see a 10% organic decline in revenues compared with the previous year. However, the addition of Spectrum is set to boost reported revenues starting from Aug 1. Overall, full-year revenues are projected to decrease approximately 10% organically, primarily due to lower volumes and production adjustments.
For the Water & Protection unit, a mid-single-digit decline in revenues on an organic basis is expected compared with the previous year, as the benefit from carryover pricing ends. Despite this, Water Solutions is forecast to achieve mid-single-digit organic growth for the full year, though it may face some weakness in the second half due to softer demand in China.
On the other hand, Safety Solutions is projected to experience steady demand throughout 2023, driven by growth in the aerospace, automotive and healthcare sectors. Meanwhile, the construction end markets are expected to remain weak throughout the year, with the impact of destocking reducing in the second half.
DuPont de Nemours, Inc. Price and Consensus
DuPont de Nemours, Inc. price-consensus-chart | DuPont de Nemours, Inc. Quote
Zacks Rank & Key Picks
DuPont currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, Denison Mine Corp. DNN and Veritiv Corporation VRTV.
Carpenter Technology currently sports a Zacks Rank #1 (Strong Buy). CRS shares have rallied 85.1% in the past year. CRS beat the Zacks Consensus Estimate in three of the last four quarters and matched once. It delivered a trailing four-quarter earnings surprise of 9.8%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
Denison Mines currently carries a Zacks Rank #1. Denison Mines shares have gained 8.9% in the past year. DNN beat the Zacks Consensus Estimate in three of the last four quarters and met once. It delivered a trailing four-quarter earnings surprise of 75%, on average.
Veritiv currently carries a Zacks Rank #2 (Buy). Veritiv shares have rallied 36.2% in the past year. VRTV beat the Zacks Consensus Estimate in three of the last four quarters and missed once. It delivered a trailing four-quarter earnings surprise of 6%, on average.
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