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

Income Statement
Quarterly Data

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 (quarterly data)

US$ in millions

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	(9,031)	5,426)	5,468)	19,649)	20,099)	20,123)	24,245)	21,510)	20,066)	15,354)	13,834)	13,230)	13,020)	12,483)	11,952)	10,703)	11,462)	12,036)	12,910)	12,370)
Cost of sales	7,697)	(3,531)	(3,496)	(14,726)	(15,567)	(15,477)	(17,974)	(16,315)	(17,289)	(12,170)	(10,761)	(10,194)	(10,574)	(9,841)	(9,275)	(7,951)	(8,806)	(9,349)	(10,146)	(9,535)
Gross margin	(1,334)	1,895)	1,972)	4,923)	4,532)	4,646)	6,271)	5,195)	2,777)	3,184)	3,073)	3,036)	2,446)	2,642)	2,677)	2,752)	2,656)	2,687)	2,764)	2,835)
Research and development expenses	219)	(225)	(232)	(717)	(749)	(740)	(803)	(768)	(761)	(522)	(408)	(419)	(425)	(399)	(399)	(361)	(404)	(382)	(429)	(383)
Selling, general and administrative expenses	296)	(645)	(642)	(1,672)	(1,566)	(1,496)	(1,933)	(1,714)	(1,552)	(990)	(720)	(759)	(911)	(864)	(787)	(742)	(757)	(689)	(773)	(752)
Amortization of intangibles	(77)	(247)	(252)	(474)	(479)	(462)	(488)	(474)	(457)	(244)	(157)	(155)	(157)	(162)	(122)	(103)	(103)	(105)	(109)	(102)
Restructuring and asset related (charges) credits, net	192)	(82)	(137)	(287)	(364)	(290)	(189)	(262)	(3,114)	(179)	12)	1)	—)	—)	(454)	2)	(40)	—)	(375)	—)
Goodwill impairment charges	—)	—)	(1,175)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Integration and separation costs	9)	(191)	(347)	(813)	(782)	(666)	(558)	(457)	(502)	(354)	(136)	(109)	—)	—)	—)	—)	—)	—)	—)	—)
Asbestos-related charge	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,113)	—)	—)	—)	—)	—)	—)	—)
Operating income (loss)	(695)	505)	(813)	960)	592)	992)	2,300)	1,520)	(3,609)	895)	1,664)	1,595)	(160)	1,217)	915)	1,548)	1,352)	1,511)	1,078)	1,598)
Equity in earnings of nonconsolidated affiliates	(34)	43)	49)	26)	316)	178)	250)	257)	362)	152)	54)	196)	251)	70)	82)	39)	99)	135)	272)	168)
Sundry income (expense), net	(155)	79)	(19)	248)	252)	47)	178)	115)	727)	361)	322)	(444)	(60)	22)	2,568)	(1,221)	2,937)	650)	396)	680)
Interest expense	128)	(177)	(165)	(454)	(432)	(362)	(360)	(350)	(354)	(283)	(226)	(219)	(229)	(220)	(208)	(201)	(240)	(233)	(232)	(241)
Income (loss) from continuing operations before income taxes	(756)	450)	(948)	780)	728)	855)	2,368)	1,542)	(2,874)	1,125)	1,814)	1,128)	(198)	1,089)	3,357)	165)	4,148)	2,063)	1,514)	2,205)
(Provision) credit for income taxes on continuing operations	302)	(78)	(155)	(209)	(215)	(320)	(565)	(389)	1,715)	(571)	(455)	(213)	282)	(271)	(130)	110)	(517)	(627)	(317)	(686)
Income (loss) from continuing operations, net of tax	(454)	372)	(1,103)	571)	513)	535)	1,803)	1,153)	(1,159)	554)	1,359)	915)	84)	818)	3,227)	275)	3,631)	1,436)	1,197)	1,519)
Income (loss) from discontinued operations, net of tax	643)	5)	566)	—)	—)	—)	—)	(5)	(57)	(20)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income (loss)	189)	377)	(537)	571)	513)	535)	1,803)	1,148)	(1,216)	534)	1,359)	915)	84)	818)	3,227)	275)	3,631)	1,436)	1,197)	1,519)
Net (income) loss attributable to noncontrolling interests	(12)	(5)	(34)	(51)	(38)	(38)	(35)	(44)	(47)	(20)	(38)	(27)	(32)	(14)	(19)	(21)	(19)	(61)	23)	(41)
Net income (loss) available for DuPont	177)	372)	(571)	520)	475)	497)	1,768)	1,104)	(1,263)	514)	1,321)	888)	52)	804)	3,208)	254)	3,612)	1,375)	1,220)	1,478)
Preferred stock dividends	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(85)	(85)	(85)	(85)	(85)	(85)	(85)	(85)
Net income (loss) available for DuPont common stockholders	177)	372)	(571)	520)	475)	497)	1,768)	1,104)	(1,263)	514)	1,321)	888)	(33)	719)	3,123)	169)	3,527)	1,290)	1,135)	1,393)

The financial performance from March 2015 through December 2019 is characterized by significant volatility in revenue, substantial non-recurring charges, and a drastic shift in reporting metrics during the final year of the period.

Revenue and Gross Profitability: Net sales remained relatively stable between 12 billion and 13 billion US$ per quarter from 2015 through mid-2017. A sharp increase occurred in late 2017 and early 2018, with quarterly sales peaking at 24.2 billion US$ in June 2018. However, 2019 exhibited extreme instability, with sales dropping to approximately 5.4 billion US$ in the second and third quarters, and ending the year with a negative value of 9.0 billion US$ in December 2019, indicating significant accounting adjustments or structural divestitures.; Gross margin followed a similar trajectory, peaking at 6.27 billion US$ in June 2018. The period concluded with a negative gross margin of 1.33 billion US$ in December 2019, mirroring the collapse in net sales.
Operating Expenses and Strategic Costs: Research and development expenses showed a steady upward trend from approximately 380 million US$ in early 2015 to a peak of 803 million US$ in June 2018, before decreasing in 2019. Selling, general, and administrative expenses also escalated, rising from an average of 750 million US$ in 2015 to peak at 1.93 billion US$ in June 2018.; The operating profile was heavily impacted by non-recurring items. Integration and separation costs became a prominent expenditure starting in 2017, peaking at 813 million US$ in March 2019. Additionally, a substantial asbestos-related charge of 1.11 billion US$ was recorded in December 2016, and a goodwill impairment charge of 1.17 billion US$ occurred in June 2019.
Operating Income and Net Earnings: Operating income experienced extreme fluctuations. A significant loss of 3.61 billion US$ was recorded in December 2017, primarily driven by a 3.11 billion US$ restructuring and asset-related charge. While operating income recovered in 2018, it returned to negative territory in 2019, ending the year at a loss of 695 million US$.; Net income available for common stockholders remained highly erratic. Highs were observed in December 2015 (3.52 billion US$) and June 2016 (3.12 billion US$). The bottom line was severely impacted by the 2017 restructuring losses, leading to a net loss of 1.26 billion US$ in December 2017. In 2019, losses from continuing operations were partially offset by gains from discontinued operations, which contributed 643 million US$ in the final quarter of the period.
Financial Adjustments and Non-Operating Items: Interest expenses rose from approximately 240 million US$ per quarter in 2015 to a peak of 454 million US$ in March 2019, before turning into a credit of 128 million US$ in December 2019. Preferred stock dividends remained constant at 85 million US$ per quarter until they ceased after December 2016.

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DuPont de Nemours Inc. (NYSE:DD)

Income StatementQuarterly Data

Income Statement
Quarterly Data