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May 4, 2023 Source: Corteva Agriscience news release INDIANAPOLIS, IN - Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results for the three months ended March 31, 2023. First Quarter 2023 Highlights • First quarter 2023 net sales rose 6% versus prior year with gains in both segments. Organic1 sales increased 10% in the same period, led by EMEA2 and North America. • Seed net sales grew 7% and organic1 sales increased 10%. Price gains were led by continued execution on the Company's price for value strategy and recovery of higher input costs. Volume declines were driven by a shortened Safrinha season, supply constraints in Latin America, and the exit from Russia. • Crop Protection net sales grew 5% and organic1 sales increased 10%, led by value capture in EMEA. Price gains reflected strong execution in response to cost inflation. Volume gains from continued penetration of new products, including Enlist and Arylex herbicides, were more than offset by product exits and delays in Latin America and APAC due to weather. • GAAP income and earnings per share (EPS) from continuing operations were $607 million and $0.84 per share for the first quarter 2023, respectively. Operating EBITDA1 and Operating EPS1 were $1.23 billion and $1.16 per share, respectively. Strong price execution, product mix, and productivity actions more than offset inflation and currency headwinds. • The Company increased full-year 2023 guidance3 to include the impact of the Biologicals acquisitions and expects net sales in the range of $18.6 billion to $18.9 billion. Operating Outlook EBITDA is expected to be in the range of $3.55 billion to $3.75 billion. Operating EPS is expected to be in the range of $2.80 to $3.00 per share. To read the entire report click here. Tweet |
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