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DuPont de Nemours Inc. (NYSE:DD)

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

Common-Size Income Statement
Quarterly Data

DuPont de Nemours Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Net sales 0.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales 0.00 -65.08 -63.94 -74.95 -77.45 -76.91 -74.13 -75.85 -86.16 -79.26 -77.79 -77.05 -81.21 -78.84 -77.60 -74.29 -76.83 -77.68 -78.59 -77.08
Gross margin — 34.92% 36.06% 25.05% 22.55% 23.09% 25.87% 24.15% 13.84% 20.74% 22.21% 22.95% 18.79% 21.16% 22.40% 25.71% 23.17% 22.32% 21.41% 22.92%
Research and development expenses 0.00 -4.15 -4.24 -3.65 -3.73 -3.68 -3.31 -3.57 -3.79 -3.40 -2.95 -3.17 -3.26 -3.20 -3.34 -3.37 -3.52 -3.17 -3.32 -3.10
Selling, general and administrative expenses 0.00 -11.89 -11.74 -8.51 -7.79 -7.43 -7.97 -7.97 -7.73 -6.45 -5.20 -5.74 -7.00 -6.92 -6.58 -6.93 -6.60 -5.72 -5.99 -6.08
Amortization of intangibles 0.00 -4.55 -4.61 -2.41 -2.38 -2.30 -2.01 -2.20 -2.28 -1.59 -1.13 -1.17 -1.21 -1.30 -1.02 -0.96 -0.90 -0.87 -0.84 -0.82
Restructuring and asset related (charges) credits, net 0.00 -1.51 -2.51 -1.46 -1.81 -1.44 -0.78 -1.22 -15.52 -1.17 0.09 0.01 0.00 0.00 -3.80 0.02 -0.35 0.00 -2.90 0.00
Goodwill impairment charges 0.00 0.00 -21.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Integration and separation costs 0.00 -3.52 -6.35 -4.14 -3.89 -3.31 -2.30 -2.12 -2.50 -2.31 -0.98 -0.82 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Asbestos-related charge 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -8.55 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating income (loss) — 9.31% -14.87% 4.89% 2.95% 4.93% 9.49% 7.07% -17.99% 5.83% 12.03% 12.06% -1.23% 9.75% 7.66% 14.46% 11.80% 12.55% 8.35% 12.92%
Equity in earnings of nonconsolidated affiliates 0.00 0.79 0.90 0.13 1.57 0.88 1.03 1.19 1.80 0.99 0.39 1.48 1.93 0.56 0.69 0.36 0.86 1.12 2.11 1.36
Sundry income (expense), net 0.00 1.46 -0.35 1.26 1.25 0.23 0.73 0.53 3.62 2.35 2.33 -3.36 -0.46 0.18 21.49 -11.41 25.62 5.40 3.07 5.50
Interest expense 0.00 -3.26 -3.02 -2.31 -2.15 -1.80 -1.48 -1.63 -1.76 -1.84 -1.63 -1.66 -1.76 -1.76 -1.74 -1.88 -2.09 -1.94 -1.80 -1.95
Income (loss) from continuing operations before income taxes — 8.29% -17.34% 3.97% 3.62% 4.25% 9.77% 7.17% -14.32% 7.33% 13.11% 8.53% -1.52% 8.72% 28.09% 1.54% 36.19% 17.14% 11.73% 17.83%
(Provision) credit for income taxes on continuing operations 0.00 -1.44 -2.83 -1.06 -1.07 -1.59 -2.33 -1.81 8.55 -3.72 -3.29 -1.61 2.17 -2.17 -1.09 1.03 -4.51 -5.21 -2.46 -5.55
Income (loss) from continuing operations, net of tax — 6.86% -20.17% 2.91% 2.55% 2.66% 7.44% 5.36% -5.78% 3.61% 9.82% 6.92% 0.65% 6.55% 27.00% 2.57% 31.68% 11.93% 9.27% 12.28%
Income (loss) from discontinued operations, net of tax 0.00 0.09 10.35 0.00 0.00 0.00 0.00 -0.02 -0.28 -0.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net income (loss) — 6.95% -9.82% 2.91% 2.55% 2.66% 7.44% 5.34% -6.06% 3.48% 9.82% 6.92% 0.65% 6.55% 27.00% 2.57% 31.68% 11.93% 9.27% 12.28%
Net (income) loss attributable to noncontrolling interests 0.00 -0.09 -0.62 -0.26 -0.19 -0.19 -0.14 -0.20 -0.23 -0.13 -0.27 -0.20 -0.25 -0.11 -0.16 -0.20 -0.17 -0.51 0.18 -0.33
Net income (loss) available for DuPont — 6.86% -10.44% 2.65% 2.36% 2.47% 7.29% 5.13% -6.29% 3.35% 9.55% 6.71% 0.40% 6.44% 26.84% 2.37% 31.51% 11.42% 9.45% 11.95%
Preferred stock dividends 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.65 -0.68 -0.71 -0.79 -0.74 -0.71 -0.66 -0.69
Net income (loss) available for DuPont common stockholders — 6.86% -10.44% 2.65% 2.36% 2.47% 7.29% 5.13% -6.29% 3.35% 9.55% 6.71% -0.25% 5.76% 26.13% 1.58% 30.77% 10.72% 8.79% 11.26%

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).

Analysis of the common-size income statement reveals significant volatility in profitability and operational costs over the period from March 2015 to September 2019. While core revenue serves as the baseline, the margins are heavily influenced by non-recurring charges and structural shifts in the cost base.

Gross Margin Trends
Gross margins remained relatively stable between 18% and 26% for the majority of the period, with a notable dip to 13.84% in December 2017. However, a significant upward shift occurred in the first half of 2019, where gross margins peaked at 36.06% in June 2019, indicating a substantial reduction in the cost of sales relative to net sales.
Operating Expense Analysis
Selling, general, and administrative (SG&A) expenses exhibited a steady upward trajectory, rising from approximately 6% of net sales in 2015 to nearly 12% by September 2019. Similarly, amortization of intangibles increased from below 1% in 2015 to a peak of 4.61% in June 2019. Research and development expenses remained more consistent, generally fluctuating between 3% and 4% of net sales.
Impact of Non-Recurring Charges
Operating income was frequently disrupted by substantial one-time items. Notable impacts include an asbestos-related charge of 8.55% in December 2016, a restructuring charge of 15.52% in December 2017, and a massive goodwill impairment charge of 21.49% in June 2019. Integration and separation costs also became a persistent drag on earnings starting in 2017, peaking at 6.35% in June 2019.
Operating and Net Income Volatility
Operating income margins fluctuated wildly, ranging from a high of 14.46% in March 2016 to a low of -17.99% in December 2017. Net income available for common stockholders mirrored this volatility, with extreme peaks such as 30.77% in December 2015—driven largely by sundry income—and deep troughs such as -10.44% in June 2019, primarily due to the aforementioned goodwill impairment.
Financial Costs and Other Income
Interest expenses as a percentage of net sales remained relatively stable between 1.4% and 2.3% until 2019, when they climbed to 3.26% by September 2019. Sundry income showed extreme variance, including a peak of 25.62% in December 2015 and a significant negative impact of -11.41% in March 2016, suggesting a reliance on non-operational gains or losses to influence the bottom line.

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