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![]() Nov. 7, 2024 Source: Corteva Agriscience news release INDIANAPOLIS, Ind. - Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results for the third quarter and nine months ended September 30, 2024. • Net sales declined 4% versus prior year. Organic sales decreased 2% in the same period. • Seed net sales decreased 1% and organic sales increased 1%. Price was up 4% led by North America2 with continued execution on the Company's price for value strategy. Volume declines reflect reduced corn planted area in Latin America, as well as unfavorable weather and reduced planted area in EMEA2. • Crop Protection net sales decreased 9% and organic sales decreased 7%. Volume declines were driven by weather and destocking impacts in EMEA, as well as just-in-time purchasing behavior in North America, partially offset by volume growth in Latin America on demand for new products and spinosyns. Price declined 5% primarily due to the market dynamics in Latin America. • GAAP income and earnings per share (EPS) from continuing operations were $913 million and $1.29 per share, respectively. • Operating EBITDA and Operating EPS1 were $2.85 billion, and $2.24 per share, respectively. • The Company updated full-year 2024 guidance3 and expects net sales in the range of $17.0 to $17.2 billion. Operating EBITDA is expected to be $3.35 to $3.45 billion. Operating EPS is expected to be $2.50 to $2.60 per share. Cash provided by operating activities from continuing operations is expected to be $2.1 billion to $2.6 billion. Free Cash Flow is expected to be $1.5 billion to $2.0 billion. The Company expects it will have repurchased approximately $1 billion shares during 2024. • The Company provided a preliminary outlook for 2025 and expects net sales in the range of $17.3 to $17.7 billion. Operating EBITDA is expected to be in the range of $3.6 to $4.0 billion. To read the entire report click here. Tweet |
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