Corteva Reports Fourth Quarter and Full-Year 2023 Results, Provides 2024 Guidance

INDIANAPOLIS, Jan. 31, 2024

4Q 2023 Results Overview
	Net Sales	Loss from Cont. Ops (After Tax)	EPS
GAAP ARIVA.DE Börsen-Geflüster Werbung Weiter abwärts? Kurzfristig positionieren in Corteva Inc. MB6NR7 Ask: 0,72 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. 52,20 $ -0,53%	$3.71B	$(231)M	$(0.33)
vs. 4Q 2022	(3) %	(463) %	(450) %
	Organic1 Sales	Operating EBITDA1	Operating EPS1
NON-GAAP	$3.51B	$386M	$0.15
vs. 4Q 2022	(8) %	+4 %	(6) %
FY 2023 Results Overview
	Net Sales	Income from Cont. Ops (After Tax)	EPS
GAAP	$17.23B	$941M	$1.30
vs. FY 2022	(1) %	(23) %	(22) %
	Organic1 Sales	Operating EBITDA1	Operating EPS1
NON-GAAP	$16.99B	$3.38B	$2.69
vs. FY 2022	(3) %	+5 %	+1 %

Full-Year 2023 Highlights

• Full-year 2023 net sales declined 1% and organic¹ sales decreased 3% versus prior year with gains in North America² and EMEA² offset by declines in Latin America and Asia Pacific.
• Seed net sales grew 5% and organic¹ sales increased 7%. Price was up 13% globally, led by continued execution on the Company's price for value strategy and demand for new technology. Volume declines were driven by lower corn volumes in Latin America, the exit from Russia, and lower corn planted area in EMEA², partially offset by increased corn acres in North America².
• Crop Protection net sales declined 9% and organic¹ sales decreased 12%. Volume declines, largely in Latin America and North America², were driven by strategic product exits, inventory destocking, and delayed farmer purchases. Price gains reflected pricing for value and strong execution in response to cost inflation led by EMEA².
• GAAP income and earnings per share (EPS) from continuing operations were $941 million and $1.30 per share, down 23% and 22%, respectively, compared to prior year.
• Operating EBITDA¹ was $3.38 billion, a 5% improvement over prior. Operating EPS¹ was $2.69 per share, up 1% compared to prior year.
• Cash provided by operating activities – continuing operations was $1.8 billion, up 98% compared to prior year. Free cash flow^1,4 was $1.2 billion.
• The Company provided full-year 2024 guidance³ and expects net sales to be in the range of $17.4 billion to $17.7 billion and Operating EBITDA¹ 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 flow^1,4 is expected to be in the range of $1.5 billion to $2.0 billion.

"Corteva's 2023 results reflect the execution of our value creation strategy, including its focus on productivity, differentiated product mix, and cost discipline.  This, alongside stand-out performance from our Seed business, allowed us to deliver growth in earnings, cash and margin despite an ongoing imbalance in the global crop protection industry. Overall agriculture fundamentals remain constructive, with record-setting demand for grain, oilseeds, meat and biofuels continuing into 2024.

"At Corteva, we see 2024 as another year of strong demand for our differentiated products and a continued focus on controlling the controllables, delivering advanced technology to our customers and generating consistent, incremental value for our shareholders. We have adjusted the 2025 financial framework based on 2023 results and the expectation for continued earnings growth and margin expansion in 2024 and 2025," said Chuck Magro, Corteva Chief Executive Officer.

Summary of Fourth Quarter 2023

For the fourth quarter ended December 31, 2023, net sales decreased 3% versus the same period last year. Organic¹ sales declined 8%.

Volume declined 9% versus the prior-year period, primarily in Latin America, impacted by ongoing headwinds in the Crop Protection segment and strategic product exits. Lower Seed volumes were driven by lower expected planted area and delayed farmer purchases due to unfavorable weather in Brazil.

Price increased 1% versus prior year, reflecting broad-based pricing execution in Seed and the continued execution on the Company's price for value strategy, while managing challenging market dynamics in Crop Protection.

GAAP income from continuing operations after income taxes was a loss of $231 million in fourth quarter 2023 compared to a loss of $41 million in fourth quarter 2022. Operating EBITDA¹ for the fourth quarter was $386 million, up 4% compared to prior year.

	FY	FY	%	%
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