Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Analysis of Revenues
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DuPont de Nemours Inc., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
- Gross margin and cost of sales
- Gross margin as a percentage of net sales experienced fluctuations throughout the period analyzed, ranging from a low of 13.84% in December 2017 to a high of 36.06% in June 2019. Correspondingly, the cost of sales as a percentage of net sales varied inversely, reaching its highest cost at -86.16% in December 2017 and the lowest at -63.94% in June 2019. Overall, a trend of improving gross margin is visible toward the end of the period, indicating better production efficiency or favorable sales pricing.
- Operating expenses
- Research and development expenses remained relatively stable, hovering around -3.1% to -4.24% of net sales, showing some increase in mid to late 2019. Selling, general, and administrative expenses showed a clear upward trend, increasing from approximately -6% to nearly -12% of net sales by mid-2019, indicating rising overhead costs. Amortization of intangibles steadily increased from about -0.82% in early 2015 to over -4.5% by mid-2019, reflecting growing intangible asset amortization burden.
- Unusual and non-recurring charges
- Several non-recurring expenses impacted results, notably restructuring and asset-related charges occurred sporadically, with notable peaks such as -15.52% in December 2017. Goodwill impairment charges were significant and exclusive in September 2019 at -21.49%, indicating a substantial write-down of goodwill. Integration and separation costs steadily increased from late 2016 onward, reaching as high as -6.35% in December 2018, reflecting ongoing restructuring activities. An asbestos-related charge appeared only once (-8.55% in December 2016).
- Operating income and profitability
- Operating income as a percentage of net sales showed volatility, with values fluctuating from highs around 14.46% in March 2016 to lows below zero, including -17.99% in December 2017 and -14.87% in June 2019. This volatility is aligned with the timing of non-recurring charges noted above. The periods following significant charges typically showed depressed operating income. However, apart from these dips, operating income generally remained positive, suggesting ongoing operational profitability outside unusual events.
- Other income and expenses
- Equity earnings of nonconsolidated affiliates were modest, mostly below 2%, lacking a clear upward or downward trend. Sundry income and expenses displayed sporadic spikes, notably a large positive impact of 25.62% in December 2015, and high variability over the periods, suggesting some non-operational gains or losses affecting results intermittently. Interest expense increased gradually over the period from about -1.95% to over -3.25%, indicating rising borrowing costs or debt levels.
- Income before and after taxes
- Income from continuing operations before income taxes was uneven, experiencing substantial highs (e.g., 36.19% in December 2015) and lows (e.g., -17.34% in June 2019). The provision for income taxes showed variability, occasionally providing credits (notably 8.55% in December 2017) and mostly being a small negative percentage. Net income from continuing operations followed a similar volatile pattern, with notable peaks and periods of negative or very low profitability especially in late 2017 and mid-2019.
- Net income and earnings attributable to stockholders
- Net income percentages fluctuated significantly, with the highest net income relative to net sales occurring in the early quarters of 2015 and 2016, and several quarters of negative or near-zero income, particularly in late 2017 and mid-2019. Net income available for DuPont common stockholders closely mirrored overall net income, with declines corresponding to periods of large impairment or restructuring charges. The data suggests that the company experienced several challenging quarters impacting shareholder returns adversely.