DuPont fourth-quarter profit beats on higher prices

DuPont fourth-quarter profit beats on higher prices

(Reuters) -Industrial materials maker DuPont de Nemours Inc reported a fourth-quarter profit on Tuesday that beat analysts estimates, as higher pricing for its products helped offset an increase in costs.

The company has been increasing prices to tackle rising costs for raw materials and energy.

Prices of U.S. natural gas, a key input, averaged $6.10 per million metric British thermal units during the October-December quarter, nearly 26% higher from a year earlier.

Sales from the electronics and industrial unit, one of the companys highest revenue generating segments, fell 8% to $1.34 billion in the reported quarter, while the water and protection segment raked in $1.5 billion, up 6% from a year earlier.

DuPont‘s net sales fell 4% to $3.1 billion in the quarter, compared with analysts’ estimates of $3.09 billion, according to Refinitiv IBES data.

On an adjusted basis, the company earned 89 cents per share, beating estimates of 78 cents per share.