(Reuters) – Industrial materials maker DuPont de Nemours reported a 6.9% fall in third-quarter profit on Tuesday, hurt by higher raw material, energy and logistics costs as well as currency headwinds.
Inflation has surged to levels not seen in several decades, prompted by the pandemic and now intensified by Russia’s invasion of Ukraine, sending costs for raw materials and energy soaring.
Chief Executive Officer Ed Breen said DuPont faced a “continued challenging macro environment marked by substantial cost inflation.”
Despite the cost headwinds, the company did see sustained demand in certain markets notably semiconductor, water and general industrial, which helped it shore up third-quarter revenue of $3.3 billion, up nearly 4% from last year.
The company’s net income fell to $376 million, or 73 cents per share, in the three months ended Sept. 30, from $404 million, or 75 cents per share, a year earlier.
(Reporting by Mrinalika Roy in Bengaluru; Editing by Shinjini Ganguli)
