DuPont (DD) shares plunged Wednesday after the chemical conglomerate issued a profit warning, citing a slump in volumes due to weak demand i🎉n China.

The company said that the channel inventory destocking and weak demand from China would affect results for both the fourth quarter and the current quarter. Those factors, as well as the lack of one-off items that benefited EBITDA in the fourth quarter, would lead to a drop in sales and earnings in the first three months of 2024, the company said.

In a statement Wednesday, the company said it anticipates current quarter 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of between 63 cents and 65 cents, compared with analysts' expectation of 88 cents. First quarter reve🔜nue would be $2.8 billion, again behind the $3 billion projected by analysts.

The company’s preliminary fourth quarter 2023 financial report, meanwhile, showed a loss from continuing operations of between $220 million and $370 million. Preliminary full year 2023 sales were $12.07 billion, below the company's guidance.

Chief Executive Officer Ed Breen said the company remains confident of a broad-based market recove꧟ry for electronic materials this🍷 year, and along with cost-cutting measures, an improvement in 2024 sales. He forecast a 10% increase in operating EBITDA in the second quarter versus the first.

DuPont noted that i♔ts closing procedures for fourth quarter and full year results are not yet complete𒁏 and could change. It is set to release its final results on February 6.

DuPont shares were down 13.1% at $64.93 at around 2:00 p.m. ET, trading at its lowest level since May.