Corteva Q1 2021 Earnings Report
Key Takeaways
Corteva reported strong first quarter results with net sales of $4.18 billion, a 6% increase compared to the prior year. The company's GAAP EPS was $0.81, up 125% from Q1 2020, and non-GAAP Operating EPS was $0.79, a 34% increase. Operating EBITDA increased by 14% to $904 million. Management increased full year 2021 net sales guidance to a range of $14.6 to $14.8 billion and affirmed full year 2021 Operating EBITDA guidance in the range of $2.4 billion to $2.5 billion.
Net sales and organic sales both increased 6% versus prior year, with gains reported in most regions, led by double-digit growth in Latin America.
Crop Protection net sales and organic sales both grew 12%, with double-digit net sales increases in every region.
Seed net sales rose 2% and organic sales grew 3% year over year, driven by continued new product penetration and local price gains.
Strong price execution and volume gains drove an Operating EBITDA increase of 14% to $904 million versus the same quarter last year.
Corteva
Corteva
Corteva Revenue by Segment
Corteva Revenue by Geographic Location
Forward Guidance
The Company increased its previously provided net sales guidance for the full year 2021 and now expects net sales in the range of $14.6 to $14.8 billion. Corteva affirmed its previously provided earnings guidance. Operating EBITDA is expected to be in the range of $2.4 billion to $2.5 billion and operating EPS range is expected to be between $1.85 and $1.95 per share.
Revenue & Expenses
Visualization of income flow from segment revenue to net income