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1ST QUARTER: CORTEVA'S SALES UP 6%, NET INCOME TRIPLES
Source: Corteva Agriscience news release

WILMINGTON, Del. - Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results
for the three months ended March 31, 2021.

First Quarter 2021 Highlights

Ongoing penetration of new products, coupled with favorable overall market fundamentals, drove volume and price gains globally. First quarter 2021 net sales and organic1 sales both increased 6% versus prior year. Gains were reported in most regions, led by double-digit growth in Latin America.

Sales of new and differentiated products drove volume and price gains in Crop Protection. Net sales and organic sales both grew 12%, with double-digit net sales increases in every region. New product sales in Crop Protection increased more than $120 million compared to prior year.

Seed net sales rose 2% and organic1 sales grew 3% year over year, driven by continued new product penetration and local price gains which more than offset the impact of seasonal timing of seed deliveries in NorthAmerica.

GAAP income and earnings per share (EPS) from continuing operations were $613 million and $0.81 per share for the first quarter 2021, respectively.

Strong price execution and volume gains, which collectively more than offset cost headwinds, drove an Operating EBITDA1 increase of 14% to $904 million versus the same quarter last year.

The Company experienced market-driven cost headwinds in the quarter, including cost increases in freight and logistics, as well as raw materials. These headwinds were partially offset by the Company's ongoing execution on its productivity programs.

SG&A expense as a percentage of sales improved approximately 160 basis points.

Management increased full year 2021 net sales guidance to a range of $14.6 to $14.8 billion - and affirmed full year 2021 Operating EBITDA1 guidance in the range of $2.4 billion to $2.5 billion.

To read the entire report click here.


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