|
 |
|
|
|||
|
 |
|
May 8, 2025 Source: Corteva Agriscience news release INDIANAPOLIS, Ind. - Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results for the first quarter ended March 31, 2025. First Quarter 2025 Highlights • First quarter 2025 net sales decreased 2% versus prior year. Organic sales increased 3% in the same period. • Seed net sales declined 2% and organic sales increased 2%. Price was up 3%, with gains in most regions, led by favorable product mix and continued execution on the Company's price for value strategy. Volume growth in North America from increased corn area was more than offset by seasonal timing shifts in EMEA and planted area shifts in LATAM. • Crop Protection net sales decreased 2% and organic sales increased 3%. Price declined 2% due to competitive market dynamics globally. Volume improved 5%, with gains in most regions, driven by demand for new products and biologicals. • GAAP income and earnings per share (EPS) from continuing operations were $667 million and $0.97 per share, respectively. • Operating EBITDA and Operating EPS were $1.19 billion, and $1.13 per share, respectively. • The Company reaffirmed 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 plans to repurchase approximately $1 billion of shares during 2025 Seed Summary Seed net sales were $2.71 billion in the first quarter of 2025, down from $2.75 billion in the first quarter of 2024. The sales decline was driven by a 4% unfavorable currency impact and a 1% decline in volume, partially offset by a 3% increase in price. Price gains in most regions, led by North America , demonstrate demand for top technology and the strength of the portfolio. Volume declines in EMEA due to timing shifts and in LATAM primarily due to impacts from reduced 24/25 corn area in Argentina, more than offset higher volume on increased corn area in North America and Brazil. Unfavorable currency impacts were led by the Brazilian Real, Turkish Lira, and Euro. Segment operating EBITDA was $842 million in the first quarter of 2025, up 13% from the first quarter of 2024. Price execution, net cost and productivity benefits, and net royalty improvement more than offset increased investment in R&D, and the unfavorable impact of currency. Segment operating EBITDA margin improved by about 390 basis points versus the prior-year period. Crop Protection Summary Crop Protection net sales were approximately $1.71 billion in the first quarter of 2025 compared to approximately $1.74 billion in the first quarter of 2024. The sales decline was driven by a 5% unfavorable currency impact and a 2% decrease in price, partially offset by a 5% increase in volume. Volume improvement was driven by demand for our technology, new products and biologicals. Price declined globally on continued competitive market dynamics. Unfavorable currency impacts were led by the Brazilian Real, Turkish Lira, and Euro. Segment operating EBITDA was $377 million in the first quarter of 2025, up 22% from the first quarter of 2024. Raw material cost benefits, productivity savings, and volume growth more than offset price pressure and the unfavorable impact from currency. Segment operating EBITDA margin improved by about 425 basis points versus the prior-year period. To read the entire report click here. Tweet |
|
|
|
|
|
|
|
|
|||||||||||||
