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9 MONTHS: CORTEVA'S SALES DOWN 1%, NET INCOME DOWN 18%: $998 MILLION
Nov. 9, 2023
Source: Corteva Agriscience news release
2023 YTD Highlights
• 2023 YTD net sales and organic1 sales decreased 1% versus prior year with gains in North America2 and EMEA2 offset by declines in Latin America and Asia Pacific.
• Seed net sales grew 7% and organic sales increased 9%. Price was up 14% globally, led by continued execution on the Company's price for value strategy and recovery of higher input costs. Volume declines were driven by the exit from Russia, lower corn planted area in EMEA2 , and lower corn volumes in Latin America, partially offset by increased corn acres in North America.
• Crop Protection net sales decreased 10% and organic sales decreased 12%. Volume declines, largely in Latin America and North America, were driven by strategic product exits, inventory destocking, and delayed farmer purchases. Price gains reflected pricing for value and strong execution in response to cost inflation led by EMEA2 and North America.
• GAAP income and earnings per share (EPS) from continuing operations were $1.17 billion and $1.63 per share for the period, respectively, down from prior year driven by lower volumes, unfavorable currency and noncash charges associated with legacy retirement plans, partially offset by pricing, productivity, lower restructuring charges and lower effective tax rate. Operating EBITDA was $2.99 billion, a 5% improvement over prior year on price execution and productivity actions, partially offset by lower volumes coupled with cost and currency headwinds. Operating EPS was $2.54 per share, up 2% compared to prior year.
• Management affirmed full year 2023 net sales and earnings guidance. Net sales is expected to be in the range of $17.0 billion to $17.3 billion and Operating EBITDA is expected to be in the range of $3.25 billion to $3.45 billion. Operating EPS is expected to be in the range of $2.50 to $2.70 per share.
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