DuPont de Nemours delivered the all-important beat-and-raise quarter Wall Street loves. But investors shrugged, sending shares lower in early trading.

On Tuesday, DuPont reported earnings per share of $1.88, up 48% year-over-year, from sales of $1.8 billion, up 4% from a year ago. Wall Street was looking for EPS of $1.76 from sales of $1.8 billion, according to FactSet.

Looking ahead, DuPont management now expects full-year 2026 earnings per share of between $7.17 and $7.32. The prior range given in May was $7.05 to $7.20. Wall Street currently projects EPS of $7.15.

It's a beat-and-raise quarter. Still, shares were down 3.7% in early trading at $136, while S&P 500 and Dow Jones Industrial Average futures were up 0.2% and 0.6%, respectively.

Starting points might help explain the reaction. Coming into Tuesday trading, DuPont stock was up almost 60% over the past 12 months, leaving shares trading at about 18 times expected earnings over the coming 12 months, up from 15 times a year ago.

Citi analyst Patrick Cunningham called results "solid" in a Tuesday report, but added that the guidance was raised by roughly the amount of the second quarter "beat."

Still, numbers look good. Sales in the company's water technology division grew 5%, and earnings before interest, taxes, depreciation, and amortization, or Ebitda, profit margins were stable at about 30%. Sales in the industrial business grew 3%, and Ebitda profit margins rose by almost 1 percentage point.

"Our strong execution and market-driven growth continue to translate into higher earnings and free cash flow generation," said CEO Antonella Franzen in a news release. "With continued strength across healthcare, industrial water, and aerospace end-markets, we expect mid-single-digit organic sales growth in the second half and remain focused on driving profitable growth and value creation for shareholders."

Things are looking up, but some of that good news seems to have already been reflected in DuPont stock.