DuPont De Nemours (DD) Q4 2024 earnings summary

Executive summary

• Fourth quarter 2024 net sales rose 7% year-over-year to $3.1B, with strong organic growth in Electronics & Industrial and Water & Protection segments.

• Operating EBITDA for Q4 was $807M, up 13% year-over-year, 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, operating EBITDA rose 7% to $3.14B, and adjusted EPS grew 17% to $4.07.

• Transaction-adjusted free cash flow conversion reached 105% for the year.

• Electronics business separation accelerated to November 1, 2025; Water business to be retained.

Financial highlights

• Q4 2024: Net sales $3.1B (+7% YoY), operating EBITDA $807M (+13% YoY, margin up 140 bps), adjusted EPS $1.13 (+30% YoY), transaction-adjusted FCF $455M (96% conversion).

• FY 2024: Net sales $12.4B (+3% YoY), operating EBITDA $3.14B (+7% YoY, margin up 100 bps), adjusted EPS $4.07 (+17% YoY), transaction-adjusted FCF $1.8B (105% conversion).

• Q4 organic sales by segment: Electronics & Industrial +10%, Water & Protection +6%.

• Q4 organic sales by region: Asia Pacific +11%, U.S./Canada +5%, EMEA +1%.

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

Outlook and guidance

• FY 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.

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

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