Name: DuPont de Nemours Inc. (NYSE:DD) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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DuPont de Nemours Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Net sales	21,512)	85,977)	62,484)	48,158)	48,778)
Cost of sales	(14,056)	(65,333)	(50,414)	(37,641)	(37,836)
Gross margin	7,456)	20,644)	12,070)	10,517)	10,942)
Research and development expenses	(955)	(3,060)	(2,110)	(1,584)	(1,598)
Selling, general and administrative expenses	(2,663)	(6,709)	(4,021)	(3,304)	(2,971)
Amortization of intangibles	(1,050)	(1,903)	(1,013)	(544)	(419)
Restructuring and asset related charges, net	(314)	(1,105)	(1,789)	(452)	(415)
Goodwill impairment charges	(1,175)	—)	(1,491)	—)	—)
Integration and separation costs	(1,342)	(2,463)	(1,101)	—)	—)
Asbestos-related charge	—)	—)	—)	(1,113)	—)
Operating income (loss)	(43)	5,404)	545)	3,520)	5,539)
Equity in earnings of nonconsolidated affiliates	84)	1,001)	764)	442)	674)
Sundry income, net	153)	592)	966)	1,309)	4,663)
Interest expense	(668)	(1,504)	(1,082)	(858)	(946)
Income (loss) from continuing operations before income taxes	(474)	5,493)	1,193)	4,413)	9,930)
(Provision for) benefit from income taxes on continuing operations	(140)	(1,489)	476)	(9)	(2,147)
Income (loss) from continuing operations, net of tax	(614)	4,004)	1,669)	4,404)	7,783)
Income (loss) from discontinued operations, net of tax	1,214)	(5)	(77)	—)	—)
Net income	600)	3,999)	1,592)	4,404)	7,783)
Net income attributable to noncontrolling interests	(102)	(155)	(132)	(86)	(98)
Net income attributable to DuPont	498)	3,844)	1,460)	4,318)	7,685)
Preferred stock dividends	—)	—)	—)	(340)	(340)
Net income available for DuPont common stockholders	498)	3,844)	1,460)	3,978)	7,345)

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).

Revenue exhibited significant volatility between 2015 and 2019. Net sales grew from 48.8 billion US$ in 2015 to a peak of 86.0 billion US$ in 2018, before experiencing a sharp contraction to 21.5 billion US$ in 2019. This trajectory suggests a substantial change in the company's operational scale and business structure during the final year of the observed period.

Gross Profitability and Margin Trends: Gross margin in absolute terms mirrored the movement of net sales, peaking at 20.6 billion US$ in 2018. However, a significant shift in margin efficiency occurred in 2019; while revenue declined sharply, the gross margin as a percentage of sales increased to approximately 34.8%, compared to 23.9% in 2018 and roughly 22% in 2015. This indicates a higher proportion of profit per dollar of sales in the leaner 2019 structure.
Operating Expenses and Extraordinary Charges: Research and development and selling, general and administrative expenses grew in tandem with revenue expansion, peaking in 2018 at 3.1 billion US$ and 6.7 billion US$ respectively. The period was heavily influenced by non-recurring charges, specifically integration and separation costs which totaled 5.3 billion US$ across 2017 through 2019. Additionally, goodwill impairment charges impacted results in 2017 and 2019, totaling 1.5 billion US$ and 1.2 billion US$ respectively, while a one-time asbestos-related charge of 1.1 billion US$ was recorded in 2016.
Operating Income and Net Earnings: Operating income demonstrated high volatility, falling from 5.5 billion US$ in 2015 to a low of 545 million US$ in 2017, recovering to 5.4 billion US$ in 2018, and ending in a loss of 43 million US$ in 2019. Net income attributable to the company followed a downward long-term trend, declining from 7.7 billion US$ in 2015 to 498 million US$ in 2019. A critical observation in 2019 is the divergence between continuing and discontinued operations; the net loss from continuing operations of 614 million US$ was offset by a 1.2 billion US$ gain from discontinued operations, which maintained a positive final net income for the year.

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