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DuPont announced financial results for the second quarter of 2022.
"We delivered second quarter financial results ahead of expectations by maintaining a disciplined focus on pricing actions and operational excellence in the face of continued global supply chain and logistics challenges and ongoing inflationary pressure," said Ed Breen, DuPont Executive Chairman and Chief Executive Officer. "Underlying demand during the quarter in our key end-markets remained strong. Year-over-year and sequential sales and earnings growth in a volatile macro environment demonstrated the strength of our portfolio, our deep customer relationships and the leading market positions we hold globally."
"We continue to advance our previously announced portfolio actions of acquiring Rogers Corporation and divesting a substantial portion of the former Mobility & Materials segment," Breen continued. "Regarding Rogers, we expect to close the acquisition during the third quarter of 2022, with China being the last remaining jurisdiction requiring regulatory approval. For the M&M transactions, we continue to expect the completion of the sale of portions of this business to Celanese to close around year-end."
"As DuPont drives innovation investment to support long-term growth, we continue to introduce new products across our key growth pillars," Breen said. "We are excited to have won four 2022 Edison Awards highlighting innovative technologies, while also progressing well with our broader new product pipeline to support growth over the coming years."
- Net sales increased 7% on organic sales growth of 9%; portfolio benefit of 1% was more than offset by a 3% currency headwind.
- Organic sales growth of 9% consisted of an 8% increase in price and 1% increase in volume.
- Price increase reflects actions taken to offset continued broad-based cost inflation.
- Volume increase reflects continued strong demand in semiconductor, general industrial, water and construction end-markets, muted primarily by lower volumes from protective garments within Safety Solutions.
- 9% organic sales growth in Water & Protection; 8% organic sales growth in Electronics & Industrial; 15% organic sales growth in retained businesses reported in Corporate & Other, which predominantly consists of our auto adhesives portfolio.
- Organic sales growth in all regions globally, including 13% in U.S & Canada, 8% in EMEA and 6% in Asia Pacific.