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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- Balance Sheet: Assets
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Analysis of Revenues
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DuPont de Nemours Inc., consolidated income statement (quarterly data)
US$ in millions
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).
- Net Sales
- Net sales show a generally fluctuating trend over the periods analyzed. Initial values range around 12,000 to 13,000 million US$, peaking in December 2017 at over 20,000 million US$. However, a sharp decrease occurs in the final quarters of 2019, with the last two quarters showing negative values, indicating potential returns, adjustments, or accounting anomalies during that period.
- Cost of Sales
- The cost of sales follows a pattern similar to net sales but with negative values, reflecting direct expenses. Cost steadily increased alongside net sales until late 2017, reaching nearly 17,000-18,000 million US$. Notably, a drastic reduction appears toward the end of 2019, mirroring the sharp dip in net sales, including a reversal to positive figures in the last quarter.
- Gross Margin
- Gross margin remains positive and relatively stable through most periods, with a notable increase in early 2018, peaking above 6,000 million US$. This is followed by a decline and significant volatility in 2019. The final two quarters end in negative gross margin, aligned with the reversal in net sales and costs, suggesting severe operational challenges or one-time adjustments.
- Research and Development Expenses
- R&D expenses display moderate fluctuations, mostly ranging between -360 and -800 million US$, with occasional spikes such as in the last quarter of 2017. The expense pattern stays consistent with typical investment in innovation, but it declines sharply in the last two quarters of 2019, even turning positive in the final data point, which may indicate a reclassification or reversal.
- Selling, General and Administrative Expenses
- SG&A expenses show a gradual increase from under -750 million US$ in early periods to peaks above -1,900 million US$ around 2018, reflecting escalating overheads. The sharp reduction during 2019 corresponds to the trend observed in other expense items, with a positive reversal in the last quarter, indicating unusual accounting activity or restructuring effects.
- Amortization of Intangibles
- These charges steadily increase from approximately -100 million US$ to nearly -500 million US$ in 2017-2018 before declining again in 2019. The trend suggests periodic amortization impacts, with reduced pressure in the last two periods of 2019.
- Restructuring and Asset-related Charges
- Charges in this category are sporadic and often substantial, with significant outlays in 2017 and 2018, including extreme charges in late 2017 exceeding -3,000 million US$. These indicate ongoing restructuring efforts or asset impairments during those years, which impact profitability and overall financial results.
- Goodwill Impairment Charges
- A major goodwill impairment of -1,175 million US$ occurs in mid-2019, indicating write-downs of acquired assets likely due to deteriorating business conditions or reassessment of asset values.
- Integration and Separation Costs
- Costs under this item escalate from minor amounts in 2016 to significant charges near -800 million US$ by the end of 2018, showing continuing integration and separation activities. A noticeable reduction happens in 2019, consistent with the ongoing restructuring theme.
- Asbestos-related Charge
- A large asbestos-related expense appears only once in late 2016 at -1,113 million US$, representing a one-time liability or settlement.
- Operating Income (Loss)
- Operating results are highly volatile, with positive earnings through most quarters but significant losses seen in late 2016 and especially in the fourth quarter of 2017 (-3,609 million US$). The remainder of the timeline features fluctuating profitability, with losses again appearing in 2019, indicating challenging operational performance impacted by various non-recurring charges.
- Equity in Earnings of Nonconsolidated Affiliates
- Income from affiliates varies considerably, typically positive but with some dips below zero, reflecting the varying performance of associated businesses. No clear upward or downward trend is evident.
- Sundry Income (Expense), Net
- There is substantial fluctuation in sundry income, including a notably high value of 2,937 million US$ in late 2015, suggesting large, irregular items. Overall, the item is volatile, mostly positive but with occasional negative swings, reflecting diverse and inconsistent non-core income and expenses.
- Interest Expense
- Interest expenses remain relatively stable around -200 to -450 million US$ across periods, with slight increases in later years, indicating consistent debt servicing costs.
- Income (Loss) from Continuing Operations Before Taxes
- This line item records highly variable figures, with significant peaks and troughs. Positive surges align with higher sales and operational income periods, while losses and reduced profits in late 2017 and 2019 underscore ongoing financial pressures and restructuring impacts.
- Provision (Credit) for Income Taxes
- The tax provision fluctuates between credits and charges, moving from negative (tax refunds or credits) in some years to positive tax expenses in others. This volatility correlates with the swings in pre-tax income and suggests complexities in tax liability calculations due to varying profitability and one-time events.
- Income (Loss) from Continuing Operations, Net of Tax
- Net income from continuing operations exhibits the influence of previously mentioned volatility, ranging from significant profits in mid-2015 and early 2018 to losses in late 2017 and 2019. This pattern reflects operational and market challenges alongside restructuring actions.
- Income (Loss) from Discontinued Operations, Net of Tax
- This category is mostly empty, with minor losses reported towards 2017 and small gains in 2019, indicating a limited but fluctuating contribution from discontinued units.
- Net Income (Loss)
- Overall net income mirrors the patterns of continuing operations, impacted by large swings, with peak net earnings above 3,600 million US$ in early 2015 and significant net losses in the fourth quarter of 2017 and parts of 2019. The inconsistency points to challenges in sustaining profitability over the examined periods.
- Net Income (Loss) Available for DuPont Common Stockholders
- This measure tracks closely with net income, showing strong positive values in mid-2015 and early 2018, with deep declines toward the end of 2017 and recurrent weakness in 2019. The overall trend suggests instability in returns to shareholders, likely driven by operational difficulties and restructuring costs.