Stock Analysis on Net
Stock Analysis on Net

DuPont de Nemours Inc. (NYSE:DD)

$22.49

This company has been moved to the archive! The financial data has not been updated since February 14, 2020.

Common-Size Income Statement

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DuPont de Nemours Inc., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net sales
Cost of sales
Gross margin
Research and development expenses
Selling, general and administrative expenses
Amortization of intangibles
Restructuring and asset related charges, net
Goodwill impairment charges
Integration and separation costs
Asbestos-related charge
Operating income (loss)
Equity in earnings of nonconsolidated affiliates
Sundry income, net
Interest expense
Income (loss) from continuing operations before income taxes
(Provision for) benefit from income taxes on continuing operations
Income (loss) from continuing operations, net of tax
Income (loss) from discontinued operations, net of tax
Net income
Net income attributable to noncontrolling interests
Net income attributable to DuPont
Preferred stock dividends
Net income available for DuPont common stockholders

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

The financial data reveals several notable trends and shifts in the company's performance over the five-year period ending December 31, 2019.

Gross Margin and Cost of Sales
The gross margin showed a fluctuating trend, beginning at 22.43% in 2015, declining to 19.32% in 2017, and then significantly improving to 34.66% by 2019. This improvement was primarily driven by a substantial reduction in the cost of sales, which decreased from -77.57% of net sales in 2015 to -65.34% in 2019, indicating enhanced cost efficiency or changes in product mix.
Operating Expenses
Research and development expenses steadily increased as a percentage of net sales from -3.28% in 2015 to -4.44% in 2019, suggesting a growing focus on innovation or product development. Selling, general, and administrative expenses similarly rose, notably increasing from -6.09% to -12.38% in the same period, reflecting higher overhead or marketing investments. Amortization of intangibles escalated sharply from -0.86% in 2015 to -4.88% in 2019, indicating rising charges related to acquired intangible assets.
Special Charges and Adjustments
Several irregular charges emerged over time, including goodwill impairment charges recorded at -2.39% in 2017 and -5.46% in 2019, indicating asset write-downs. Integration and separation costs also appeared starting 2017, increasing to -6.24% in 2019, implying expenses related to restructuring or mergers. Asbestos-related charges occurred in 2016 but were not reported in other years. These special items likely impacted overall profitability.
Operating Income
Operating income as a percentage of net sales showed considerable volatility, declining from 11.36% in 2015 to 0.87% in 2017, before recovering to 6.29% in 2018 and ultimately turning slightly negative at -0.2% in 2019. This reflects the combined effect of fluctuating gross margins and rising operating expenses, alongside significant one-time charges.
Other Income and Expenses
Equity in earnings of nonconsolidated affiliates remained relatively stable but showed a slight downward trend from 1.38% in 2015 to 0.39% in 2019. Sundry income declined substantially from 9.56% to around 0.7% in the same period, indicating a reduction in other miscellaneous revenues. Interest expense increased notably in 2019 to -3.11%, suggesting higher borrowing costs or increased debt levels.
Income Before and After Tax
Income from continuing operations before taxes experienced a steep decline from 20.36% in 2015 to -2.2% in 2019. The provision for income taxes fluctuated, but overall showed a reduced tax burden in percentage terms. Consequently, net income from continuing operations dropped sharply from 15.96% in 2015 to -2.85% in 2019.
Net Income and Earnings Attribution
Net income exhibited a marked decrease from 15.96% in 2015 to a low of 2.55% in 2017, with a moderate rebound to 4.65% in 2018 and settling at 2.79% in 2019. Income from discontinued operations contributed positively in 2019 with 5.64%, although its impact was minimal or negative in earlier years. Net income attributable to the company’s shareholders declined significantly from 15.76% in 2015 to 2.31% in 2019, reflecting overall reduced profitability. Net income available for common stockholders followed a similar declination.