(Reuters) -Industrial materials maker DuPont posted fourth-quarter results that beat Wall Street estimates on Tuesday and increased its quarterly dividend by 10%, flagging strong demand in its key end markets such as electronics.
DuPont has been reaping the benefits of a rebound in the auto and chip-making industries, and a rollout of 5G and other high-end technologies, more than offsetting the impacts of rising inflation and surge in raw material costs.
“Sustained strong demand in key end-markets such as electronics and water, along with our continued ability to offset raw material inflation with price, were critical to our fourth-quarter results,” Chief Executive Officer Ed Breen said in a statement.
DuPont said organic sales in its Electronics & Industrial segment grew by 9%, boosted by strong volumes in the Semiconductor Technologies division.
Total sales jumped 14% to $4.3 billion and beat analysts’ average estimate of $4 billion, according to Refinitiv data.
The company’s adjusted net income of $1.08 per share was also above estimates of 98 cents per share.
DuPont said it was increasing its first-quarter dividend by 10% and announced a new $1 billion share repurchase program.
(Reporting by Shariq Khan in Bengaluru; Editing by Shounak Dasgupta)
