Benzinga | Aug 3, 2021 06:06AM EDT

DuPont Raises FY21 Adj. EPS Guidance From $3.60-$3.75 To $4.24-$4.30 vs $3.76 Est., Raises Sales Guidance From $15.7B-$15.9B To $16.45B-$16.55B vs $15.88B Est.

The Company is changing its treatment of intangible amortization expense for non-GAAP reporting. Beginning third quarter 2021, DuPont's adjusted EPS(1) will exclude all amortization of intangible assets and will no longer differentiate based on the origin of the intangibles. The Company's outlook for adjusted EPS(1) provided below has been updated to reflect this change in non-GAAP reporting, including the retroactive impact of the change on first half 2021 results. For comparative purposes, a recast of historical periods is included beginning on page 14 of this release.

"As a result of our strong first half of the year, our expectations of continued momentum within our key end-markets, and confidence in our team's ability to navigate through global supply chain constraints, we are raising our guidance for the year for net sales, operating EBITDA and adjusted EPS," said Lori Koch, Chief Financial Officer of DuPont. "In addition, we are adjusting our guidance to reflect the July 1st acquisition of Laird Performance Materials, the divestiture of the Solamet(r) business at the end of June and the impact of the retroactive reporting change that we are making for adjusted EPS. For full year 2021, we now estimate net sales to be between $16.45 billion and $16.55 billion and operating EBITDA between $4.21 billion and $4.26 billion. Our outlook for full year adjusted EPS on the new basis is now in the range of $4.24 to $4.30 per share, and includes a full year benefit estimated at $0.27 per share related to the amortization reporting change."

"We estimate third quarter 2021 net sales to be between $4.18 billion and $4.23 billion, operating EBITDA between $1.06 billion and $1.08 billion and adjusted EPS on the new basis between $1.11 and $1.13 per share."