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DuPont de Nemours Inc. (DD-1.20%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing net sales of $12.4 billion, an increase of 3% from the previous year. This increase was driven by a 2% rise in volume and a 3% increase from portfolio changes, partially offset by a 1% decrease in both local price and currency impacts.
Cost of sales for the year was $7.9 billion, representing 64% of sales, compared to 65% in the previous year. This slight improvement was attributed to lower raw material, logistics, and energy costs.
The company reported a gross profit of $4.5 billion for the year, with research and development expenses totaling $531 million, up from $508 million in the prior year.
Selling, general, and administrative expenses increased to $1.6 billion from $1.4 billion, primarily due to higher variable compensation and costs from recent acquisitions.
DuPont's net income from continuing operations was $778 million, with a net loss from discontinued operations of $40 million. The discontinued operations primarily relate to the divestiture of the Delrin® business.
The company completed the acquisition of Donatelle Plastics for $365 million and Spectrum Plastics Group for approximately $1.8 billion, integrating them into the Electronics & Industrial segment.
DuPont announced a plan to separate its Electronics business by November 1, 2025, retaining its Water business. This separation is subject to customary conditions and regulatory approvals.
The company engaged in significant restructuring activities, recording a pre-tax charge of $199 million related to cost reductions and organizational simplifications.
DuPont's cash and cash equivalents at year-end were $1.9 billion, with total debt at $7.2 billion, down from $7.8 billion the previous year due to a partial redemption of its 2038 Notes.
The company continues to focus on optimizing its portfolio, having completed the divestiture of the Delrin® business and announced plans for the Intended Electronics Separation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the DuPont de Nemours Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.