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Feb. 6, 2025 Source: Corteva Agriscience news release • Net sales declined 2% versus prior year. Organic1 sales increased 1% in the same period with gains in North America, Latin America and Asia Pacific offset by declines in EMEA. • Seed net sales increased 1% and organic1 sales increased 4%. Price was up 3% led by North America2 and EMEA2 with continued execution on the Company's price for value strategy. Volume increased 1%, primarily reflecting the expected increase in Safrinha corn planted area in Brazil and market share gains in North America. • Crop Protection net sales decreased 5% and organic sales decreased 2%. Price declined 5% primarily due to the market dynamics in Latin America. Volume increased 3%, driven by growth in Latin America on demand for new products and spinosyns, partially offset by weather and destocking impacts in EMEA, as well as just-in-time purchasing behavior in North America. • GAAP income and earnings per share (EPS) from continuing operations were $863 million and $1.22 per share, respectively. • Operating EBITDA and Operating EPS were $3.4 billion, and $2.57 per share, respectively. • Cash provided by operating activities - continuing operations was $2.3 billion, up 27% compared to prior year. Free cash flow1 was $1.7 billion, a 40% improvement over prior year. Strong cash performance supported total cash returned to shareholders of $1.5 billion. • The Company refined full-year 2025 guidance and expects net sales in the range of $17.2 to $17.6 billion. Operating EBITDA is expected to be $3.6 to $3.8 billion. Operating EPS is expected to be $2.70 to $2.95 per share. • The Company expects to repurchase approximately $1 billion of shares during 2025. Seed Summary Seed net sales were $9.5 billion for the full year of 2024, up 1% from the same period of 2023. The sales increase reflects a 3% increase in price and a 1% increase in volume, partially offset by a 2% unfavorable currency impact and a 1% unfavorable portfolio impact. The increase in Seed price was driven by strong demand for top technology offerings and operational execution globally, with both global corn and soybean prices up 2%. Pricing actions more than offset currency impacts in EMEA. Volume growth was driven primarily by the expected increase in Safrinha corn planted area in Brazil and share gains in North America, partially offset by reduced corn planted area in Argentina and unfavorable weather and reduced planted area in EMEA. Unfavorable currency impacts were led by the Brazilian Real and the Turkish Lira. Segment operating EBITDA was $2.2 billion for the full year of 2024, up 5% from the same period of 2023. Price execution and market share gains in North America, reduction of net royalty expense, and ongoing cost and productivity actions more than offset the investment in R&D, higher commodity costs, and the unfavorable impact of currency. Segment operating EBITDA margin improved by 90 basis points versus the prior-year period. Crop Protection Summary Crop Protection net sales were approximately $7.4 billion for the full year of 2024 compared to approximately $7.8 billion in the same period of 2023. The sales decrease reflects a 5% decline in price and a 3% unfavorable impact from currency, partially offset by a 3% increase in volume. The price decline was primarily due to market dynamics in Latin America. Unfavorable currency impacts were led by the Brazilian Real and the Turkish Lira. The increase in volume was driven by volume growth in Latin America on demand for new products and spinosyns, partially offset by residual destocking and unfavorable weather impacts in EMEA, as well as just-in-time purchasing behavior globally. Segment operating EBITDA was $1.3 billion for the full year of 2024, down 7% from the same period last year. Pricing pressure and the unfavorable impact of currency, more than offset productivity savings, raw material deflation, and volume growth. Segment operating EBITDA margin contracted by approximately 45 basis points versus the prior-year period. To read the entire report click here. Tweet |
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