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1ST HALF: CORTEVA'S SALES UP 11%, EARNINGS DOWN 3%: $1.54 BILLION
Source: Corteva Agriscience news release

INDIANAPOLIS, Ind., August 4, 2022 - Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results for the second quarter and six months ended June 30, 2022.

First half 2022 net sales rose 11% versus prior year with gains in both segments. Organic sales increased 14% in the same period with gains in all regions.

Seed net sales grew 3% and organic sales increased 6% year over year, with notable gains in EMEA , partially offset by the reduction of corn acres and canola volumes in North America

. Price was up 7% globally, led by continued execution on the company's price for value strategy and recovery of higher input costs.

Crop Protection net sales grew 24% and organic sales increased 28%, led by North America and Latin America. Volume gains were driven by continued penetration of new products, including Enlist and Arylex herbicides and Onmira fungicide, and strong early demand in Latin America. Price gains reflected strong execution across all regions in response to cost inflation.

GAAP income and earnings per share (EPS) from continuing operations were $1.58 billion and $2.16 per share for the first half of 2022, respectively. Operating EBITDA was $2.76 billion, a 17% improvement over prior year on strong price execution and volume gains in all regions and productivity actions, partially offset by inflation and currency headwinds. Operating EPS was $2.61 per share, up 19% compared to prior year.

To read the entire report click here.


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