DuPont Earnings: Electronics Business Generates Growth Driven by Semiconductor Technologies

Against the backdrop of customer inventory destocking weighing on sales and profits, we view DuPont's first-quarter results as supporting our near-term recovery thesis. Companywide operating EBITDA was down over 4% versus the prior-year quarter due to continued destocking, largely in the water and protection business. However, segment operating EBITDA in the electronics and industrial business was up 3% versus the prior-year quarter, driven by rebounding sales in semiconductor technologies and interconnect solutions.