Net sales totaled $5.2 billion, down 4% versus the year-ago period. On an organic basis, net sales were down 2% as 8% organic growth in Electronics & Imaging and 3% organic growth in Nutrition & Biosciences was more than offset by organic sales declines in the other segments.
GAAP Income (loss) from continuing operations totaled $(610) million, versus pro forma GAAP Income from continuing operations of $18 million in the year-ago period. Operating EBITDA was $1.3 billion, down 8% versus pro forma operating EBITDA in the prior year. Strong gross margin improvement was more than offset by the absence of prior year gains in our Electronics & Imaging and Safety & Construction segments, nylon pricing pressures, and volume declines across the Transportation & Industrial and Non- Core segments.
“In the face of an unprecedented health, financial, and humanitarian crisis, we are prioritizing the safety and well-being of our employees, customers, suppliers, and other stakeholders,” said Ed Breen, DuPont executive chairman and CEO. “Our colleagues are working tirelessly to support the massive effort to provide critical protection to healthcare and other front-line workers who bear the greatest burden in the fight against this pandemic.
“Our innovation capabilities are enabling us to rapidly create and deploy new tools in this battle and we will continue to advance those, along with targeted in-kind and financial donations, to provide as many as possible with our solutions,” Breen added.
More than $200 million of cash was generated in the quarter with cash from operating activities of $718 million and gross proceeds from the sale of the Compound Semiconductor Solutions business of approximately $420 million offset by capital expenditures of $481 million, share repurchases of $232 million, and dividends of $222 million. The year-over-year change in cash from working capital improved more than $300 million in the quarter versus the same period last year.
First Quarter 2020 Segment Highlights
Electronics & Imaging reported net sales of $884 million, up 7% from the year-ago period. Organic sales were up 8% driven by a 9% volume gain offset by a 1% decline in price. Currency was a 1% headwind
Volume gains were led by Semiconductor Technologies where new technology ramps within logic and foundry, coupled with robust demand for memory in servers and data centers delivered double-digit growth versus the year-ago period. Volume growth within Interconnect Solutions was also strong, driven by higher material content in premium, next-generation smartphones. Within Image Solutions, volume gains in flexographic plates, mainly into consumer packaged goods, were mostly offset by weakness in inks and OLEDs.