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1ST QUARTER: CORTEVA'S SALES UP 10%, EARNINGS DOWN 6%: $564 MILLION
Source: Corteva Agriscience news release

*First quarter 2022 net sales rose 10% versus prior year with gains in both segments. Organic sales increased 16% in the same period with double-digit gains in all regions.

*Seed net sales grew 1% and organic sales increased 7% year over year, with notable gains in both EMEA and Latin America, partially offset by the seasonal timing of seed deliveries in North America
. Price was up 8% globally, led by continued execution on the company's price for value strategy and recovery of higher input costs.

*Crop Protection net sales grew 23% and organic sales increased 29%, led by North America
. Volume gains were driven by early demand and continued penetration of new products, including Enlist and Rinskor herbicides and Zorvec fungicide. Price gains reflected strong execution across all regions in response to cost inflation.

*GAAP income and earnings per share (EPS) from continuing operations were $577 million and $0.79 per share for the first quarter 2022, respectively. Operating EBITDA was $1.04 billion, a 15% improvement over prior year on strong price execution and volume gains in all regions, partially offset by inflation and currency headwinds. Operating EPS1 was $0.97 per share, up 23% compared to the same period last year.

*Management affirmed full year 2022 net sales and Operating EBITDA1 guidance. The Company expects net sales to be in the range of $16.7 billion to $17.0 billion and Operating EBITDA in the range of $2.8 billion to $3.0 billion. The Company adjusted its expectations for Operating EPS for 2022, which is now expected to be in the range of $2.35 to $2.55 per share, reflecting lower average share count.

To read the entire report click here.


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