Corteva Reports First Quarter 2024 Results, Reaffirms 2024 Guidance

INDIANAPOLIS, May 1, 2024

1Q 2024 Results Overview
	Net Sales	Income from Cont. Ops (After Tax)	EPS
GAAP ARIVA.DE Börsen-Geflüster Werbung Weiter abwärts? Kurzfristig positionieren in Corteva Inc. MB6NR7 Ask: 0,73 Hebel: 6,80 mit moderatem Hebel Zum Produkt Morgan Stanley Den Basisprospekt sowie die Endgültigen Bedingungen und die Basisinformationsblätter erhalten Sie hier: MB6NR7,. Beachten Sie auch die weiteren Hinweise zu dieser Werbung. Der Emittent ist berechtigt, Wertpapiere mit open end-Laufzeit zu kündigen. Kurse Corteva Inc. 52,15 $ -0,63%	$4.49B	$376M	$0.53
vs. 1Q 2023	(8) %	(38) %	(37) %
	Organic1 Sales	Operating EBITDA1	Operating EPS1
NON-GAAP	$4.58B	$1.03B	$0.89
vs. 1Q 2023	(6) %	(16) %	(23) %

"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 line-up, 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-in-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."

Chuck Magro
Chief Executive Officer

First Quarter 2024 Highlights

• First quarter 2024 net sales decreased 8% versus prior year. Organic¹ sales decreased 6% in the same period.
• Seed net sales grew 2% and organic¹ 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 organic¹ 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 EBITDA¹ and Operating EPS¹ were $1.03 billion and $0.89 per share for the first quarter 2024, respectively.
• The Company reaffirmed full-year 2024 guidance³ 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 EPS¹ 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 Flow¹ 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.

Seed Summary
Seed net sales were $2.8 billion in the first quarter of 2024, up from $2.7 billion in the first quarter of 2023. The sales increase was driven by a 6% increase in price, partially offset by a 2% unfavorable currency impact, and a 1% decline in both volume and portfolio.

Price gains were driven by strong execution globally, led by EMEA², as farmers prioritize the use of top technology to drive higher yields. Volume gains in North America from higher corn deliveries were offset by volume declines in EMEA² due to delayed demand from unfavorable weather. Unfavorable currency impacts were led by the Turkish lira.

Segment operating EBITDA was $748 million in the first quarter of 2024, up 15% from the first quarter of 2023. Price execution, improvement in net royalty expense, and ongoing cost and productivity actions more than offset higher commodity and production costs, and the unfavorable impact of currency. Segment operating EBITDA margin improved by approximately 300 basis points versus the prior-year period.

	1Q	1Q	%	%
($ in millions, except where noted)	2024	2023	Change	Organic1 Change
North America	$1,471	$1,323	11 %	11 %
EMEA	$918	$1,012	(9) %	-
Latin America	$271	$259	5 %	(1) %
Asia Pacific	$91	$101	(10) %	(5) %
Total Seed Net Sales	$2,751 Werbung Mehr Nachrichten zur Corteva Inc. Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 20:42 - ARIVA.DE Redaktion Aktie von Paypal legt um 0,62 Prozent zu (55,4007 €) 17:07 - ARIVA.DE Redaktion Impulse fehlen – SDAX fast unverändert (14.596 Pkt.) 14:25 - ARIVA.DE Redaktion Aktie von Munich Re büßt 0,38 Prozent ein (448,50 €)