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May 2, 2024 Source: Corteva news release INDIANAPOLIS, IN - Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results for the three months ended March 31, 2024. • 1Q results in line with expectations and mostly constructive ag economy • Strength of Seed performance demonstrates global demand for top technology • Crop Protection declines reflect just-in-time purchases and residual inventory imbalances • FY guidance unchanged, 2024 outlook supported by controllable levers • First quarter 2024 net sales decreased 8% versus prior year. Organic sales decreased 6% in the same period. • Seed net sales grew 2% and organic sales increased 5%. Price was up 6% globally, led by continued execution on the Company's price for value strategy and favorable product mix. Volume growth in North America from higher corn deliveries was offset by delayed demand in EMEA2 due to unfavorable weather. • Crop Protection net sales decreased 20% and organic sales declined 21%, on expected industry headwinds globally. Volume declines were against a strong prior year comparison and primarily due to farmer purchases closer to application window, as well as weather and destocking impacts in EMEA2 . Price was down 3% due to a competitive environment in most regions. • GAAP income and earnings per share (EPS) from continuing operations were $376 million and $0.53 per share for the first quarter 2024, respectively. • Operating EBITDA and Operating EPS were $1.03 billion and $0.89 per share for the first quarter 2024, respectively. • The Company reaffirmed full-year 2024 guidance and expects net sales in the range of $17.4 billion to $17.7 billion. Operating EBITDA1 is expected to be in the range of $3.5 billion to $3.7 billion. Operating EPS is expected to be in the range of $2.70 to $2.90 per share. Cash provided by operating activities - continuing operations is expected to be in the range of $2.1 billion to $2.6 billion. Free Cash Flow is expected to be in the range of $1.5 billion to $2.0 billion. The Company plans to repurchase approximately $1.0 billion shares in 2024 Chuck Magro, CEO reports: "Corteva's first quarter 2024 results were largely as expected. The Seed business once again delivered exceptional performance driven by our advantaged technology and latest product lineup, reflecting farmers' continued investment in products that consistently deliver quality, yield and value. On Crop Protection, as anticipated, we faced headwinds as the industry continues to work through residual inventory imbalances in key regions and farmers are shifting to just- n-time purchasing. We are expecting growth in the second half of 2024 driven by our differentiated portfolio, leading biologicals products and cost actions. As a result, we are reaffirming full year 2024 guidance as well as reiterating our confidence in the previously- announced 2025 financial framework." To read the entire report click here. Tweet |
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