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April 20, 2020, 7:31 a.m. EDT

DuPont sees Q1 adj. EPS topping estimates, taps credit lines to bolster liquidity

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By Ciara Linnane

DuPont de Nemours Inc. /zigman2/quotes/203606582/composite DD +1.83% said Monday it is tapping credit facilities, delaying certain spending and suspending its full-year guidance in the midst of the coronavirus pandemic. The chemicals giant said it expects strong first-quarter results, but is taking steps to address "significant" uncertainty in some of its end-markets. The company is expecting a first-quarter, per-share loss of $1 to 70 cents and adjusted EPS of 82 cents to 84 cents. The FactSet consensus is for EPS of 68 cents. The company has entered a 364-day $1.0 billion revolving credit facility to replace a $750 million facility that was set to expire in June. It has secured a $2.0 billion, 364-day delayed-draw facility to ensure it can meet November maturities and may elect to replace that facility through the capital markets. It has idled certain plants, mostly in the transportation and industrial segments, reflecting the current stress in the global automotive market. "Additionally, we now have committed financing in place to bridge our debt maturing in November 2020 to the receipt of the special cash payment in connection with the Nutrition & Biosciences and IFF transaction," Chief Executive Ed Breen said in a statement. "Combined with our existing cash balances and available borrowings through our commercial paper program, these facilities provide the liquidity needed to navigate these uncertain times." The company will report first-quarter earnings on May 5. Shares were down 0.2% premarket, but have fallen 42% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.40% has fallen 11%.

/zigman2/quotes/203606582/composite
US : U.S.: NYSE
$ 58.35
+1.05 +1.83%
Volume: 5.36M
Aug. 12, 2020 4:02p
P/E Ratio
N/A
Dividend Yield
2.06%
Market Cap
$42.05 billion
Rev. per Employee
$877,316
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/zigman2/quotes/210599714/realtime
US : S&P US
3,380.35
+46.66 +1.40%
Volume: 2.25B
Aug. 12, 2020 5:10p
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