DuPont stock gains after earnings beat and dividend hike

Shares of DuPont de Nemours Inc. DD,
-0.91%
rose 0.6% in premarket trading on Tuesday, after the tech materials company announced fourth-quarter earnings that beat expectations, provided an optimistic sales outlook, increased its dividend by 10% and implemented a new billion dollar share buyback program. Net income fell $204 million, or 39 cents per share, including 8 cents per share, in discontinued operations, after revenue of $222 million, or 30 cents per share, including discontinued operations of 30 cents per share. Excluding one-time items, adjusted earnings per share were $1.08, above the FactSet consensus of 99 cents. Sales increased 13.9% to $4.27 billion, beating the FactSet consensus of $4.03 billion, Electronics and Industrial sales increased 19% to $1.5 billion, Water and Protection sales increased 16% to $1.4 billion and Mobility and Materials sales increased 12% to $1.3 billion. Separately, the company increased its quarterly dividend to 33 cents per share from 30 cents, with the new dividend payable March 15 to shareholders of record February 28. For 2022, the company forecasts adjusted EPS of $4.60 to $4.90 and sales of $17.4 billion. at $17.8 billion, versus FactSet consensus for EPS of $4.88 and sales of $7.09 billion. The stock has lost 5.2% over the past three months while the S&P 500 SPX,
-0.37%
fell 4.6%.

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