Shares of DuPont de Nemours Inc. DD, +2.34% dropped 4.1% in premarket trading Tuesday, after the materials and chemicals company reported third-quarter profit and revenue that beat expectations but cut its full-year outlook, citing decelerating order patterns resulting from the global semiconductor shortage. Separately, DuPont also announce a deal to buy Rogers Corp. ROG, +3.54% for $5.2 billion in cash. DuPont swung to third-quarter net income of $391 million, or 75 cents a share, from a loss of $79 million, or 11 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose 89% to $1.15, above the FactSet consensus of $1.12. Sales rose 17.7% to $4.27 billion, beating the FactSet consensus of $4.16 billion, as cost of sales grew 14.9%. Among business segments, sales for Electronics & Industrial rose 21% to $1.5 billion, for Water & Protection increased 12% to $1.4 billion and for Mobility & Materials rose 30% to $1.3 billion. For 2021, the company cut its guidance ranges for adjusted EPS to $4.18 to $4.22 from $4.24 to $4.30 and for sales to $16.34 billion to $16.40 billion from $16.45 billion to $16.55 billion. DuPont’s stock has shed 4.6% over the past three months through Monday, while the S&P 500 SPX, +0.18% has gained 5.2%.
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