DuPont de Nemours, Inc. reported a solid performance for the third quarter and the first nine months of 2024, with net sales reaching $3,192 million in Q3 2024, a 4% increase from $3,058 million in Q3 2023. For the nine months ended September 30, 2024, net sales totaled $9,294 million, up 1% from $9,170 million in the same period of 2023. The sales growth was driven by a 5% increase in volume, although this was partially offset by a 2% decline in local price and product mix.
Income from continuing operations before income taxes for Q3 2024 was $586 million, compared to $408 million in Q3 2023. Net income for the quarter was $462 million, up from $328 million in the prior year. Earnings per share from continuing operations increased to $1.13, compared to $0.62 in Q3 2023. For the nine months ended September 30, 2024, net income was $844 million, significantly higher than $476 million in the same period of 2023.
DuPont's strategic initiatives included the announcement on May 22, 2024, of plans to separate into three distinct, publicly traded companies, focusing on its Electronics and Water businesses. This separation is expected to be completed within 18 to 24 months and will be executed in a tax-free manner for shareholders. Additionally, the company realigned its Electronics & Industrial segment into three business units effective January 1, 2024, to optimize operations.
The company completed the divestiture of its Delrin® acetal homopolymer business on November 1, 2023, which is now reported as discontinued operations. The divestiture generated cash proceeds of approximately $1.25 billion and a gain of $419 million. DuPont also made significant acquisitions, including Donatelle Plastics for $365 million in July 2024 and Spectrum Plastics Group for approximately $1,781 million in August 2023.
Financially, DuPont's total current assets decreased to $6,439 million as of September 30, 2024, from $7,514 million at the end of 2023. Cash and cash equivalents also fell to $1,645 million from $2,392 million. Long-term debt decreased to $7,170 million from $7,800 million, reflecting a partial redemption of $650 million of its 2038 Notes in June 2024.
The company recorded restructuring charges of $21 million in Q3 2024, up from $8 million in Q3 2023, as part of its ongoing restructuring program. The effective tax rate for Q3 2024 was 18.1%, down from 28.7% in Q3 2023, primarily due to discrete tax benefits. Overall, DuPont's strategic realignments and financial performance indicate a focused approach to enhancing shareholder value and operational efficiency.
About DuPont de Nemours, Inc.
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