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May 7, 2020 Source: Corteva Agriscience news release WILMINGTON, Del. - Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results for the quarter ended March 31, 2020. First Quarter 2020 Results: • First quarter 2020 reported net sales were $4.0 billion, up 16% versus the year-ago period, with double-digit organic sales1 growth in every region. • Seed sales rose 25% on a reported basis and 27% on an organic basis primarily due to increased corn deliveries in North America3, coupled with strong sunflower and corn sales in Europe. • Crop Protection sales improved 5% on a reported basis and 10% on an organic basis due to increased demand for new products globally, including Arylex and Enlist herbicides. • GAAP earnings per share (EPS) from continuing operations were $0.36, up 157% as compared with the same quarter last year. • GAAP income from continuing operations after taxes was $281 million, up 151% versus the prior-year period. • Operating EPS was $0.59, up 79% and operating EBITDA1 was $794 million, up 53% versus the same quarter last year, as volume and price gains and ongoing cost-improvement actions more than offset exchange losses and currency headwinds. • Merger cost synergies for the three months ended March 31, 2020 totaled approximately $70 million, reflecting continued progress on productivity initiatives. • The Company continues to monitor near-term operating conditions with a focus on business continuity - and maintains strong liquidity via commercial paper markets and $8 billion in credit facilities, cash and cash equivalents. • Management suspends full-year 2020 guidance in light of the COVID-19 crisis and the uncertainty it is creating across global markets, including currency and commodity markets. To read the entire report click here. Tweet |
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