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FULL YEAR: CORTEVA'S SALES UP 10%, EARNINGS UP 62%
Feb. 10, 2022
Source: Corteva Agriscience news release
Full-year 2021 net sales increased 10% versus prior year. Organic sales rose 9% in the same period. Sales increased in both Crop Protection and Seed segments and all regions grew on a reported and organic1 basis as compared to 2020.
• Crop Protection net sales grew 12% and organic1 sales increased 11% for the full year, led by double-digit sales gains in Latin America. Volume gains were driven by continued penetration of new products, including Enlist and Arylex herbicide and Isoclast insecticide. Price gains reflected strong execution across all regions.
• Seed net sales and organic sales grew 8% compared to the year-ago period, with notable gains in both Latin America and North America2 driven by increased planted area, share gains and continued penetration of Enlist E3TM3 soybeans. Price was up 4% globally, led by continued execution on our price for value strategy.
• GAAP income and earnings per share (EPS) from continuing operations were $1.82 billion and $2.44 per share for the fullyear 2021, respectively. Operating EBITDA1 was $2.58 billion, a 23% improvement over prior year on strong price execution and volume gains in all regions and both segments. Operating EPS1 was $2.15 per share.
• Corteva delivered cash flow from operations of $2.7 billion for the year, reflecting earnings growth and working capital improvements, primarily from higher advanced payments from customers for the 2022 season.
• Management provided full-year 2022 guidance4 and expects net sales in the range of $16.7 billion to $17.0 billion. Operating EBITDA1 is expected to be in the range of $2.8 billion to $3.0 billion, an increase of 9-16% compared to prior year. Operating EPS for 2022 is expected to be in the range of $2.30 to $2.50 per share.
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