"We delivered significant year-over-year cash flow improvement in 2023, including a strong fourth quarter finish, which underscores our ongoing prioritization of working capital management," said Ed Breen, DuPont Executive Chairman and Chief Executive Officer.
Highlights of the results include a net sales increase of 4.9% year-over-year to $1.3 billion, a net income increase of $30 million year-over-year to $74 million, and an adjusted EBITDA increase of $43 million year-over-year to $251 million.
Highlights of the report include a 12% volume growth and 5.5% value growth in the company's Decorative Business segment in addition to showing a consistent double-digit volume growth trend on a four-year CGR basis.
In a report released by ResearchandMarkets, the PU coatings market was valued at $18.26 billion in 2022 and is anticipated to grow with a CAGR of 5.21% through 2028.
In trend research released last fall, the company stated that the traditional automotive color wheel was going through a transformation. The recently released color report shows, among other things, that achromatic colors, which have always formed the foundation of automotive color, are experiencing a significant shift.
Digitalization has the potential to drastically transform the coatings industry, allowing for better knowledge management, accelerated innovation, and improved data security, while reducing product launch time to market. Digital transformation through AI, ML, and PI strives to bring innovative coating solutions in a sustainable, responsible, and accessible way.
Fiscal 2024 sales were a second-quarter record and were in addition to strong growth in the prior-year period when sales increased 9.3%. Pricing was positive in all segments as they catch up with cost inflation.
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