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Mar 31, 2023
Corteva Q1 2023 Earnings Report
Corteva reported a solid start to 2023 with sales and earnings growth driven by differentiated portfolio and strong execution.
Key Takeaways
Corteva's first quarter 2023 results showed a 6% increase in net sales compared to the prior year, with gains in both segments. GAAP EPS was $0.84, while non-GAAP operating EPS was $1.16. The company raised its full-year guidance, including the impact of biologicals acquisitions.
Net sales rose 6% versus prior year, with organic sales increasing 10%, led by EMEA and North America.
Seed net sales grew 7%, with price gains driven by the company’s price for value strategy.
Crop Protection net sales grew 5%, led by value capture in EMEA, with price gains reflecting strong execution in response to cost inflation.
GAAP EPS was $0.84 per share, and Operating EPS was $1.16 per share, with strong price execution and product mix offsetting inflation and currency headwinds.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Corteva updated its full-year 2023 guidance, increasing sales and earnings expectations, including the impact of its Biologicals acquisitions. The company expects net sales in the range of $18.6 billion to $18.9 billion, Operating EBITDA in the range of $3.55 billion to $3.75 billion, and Operating EPS in the range of $2.80 to $3.00 per share.
Positive Outlook
- Net sales are expected to be in the range of $18.6 billion to $18.9 billion, representing a growth of 7% at the mid-point.
- Operating EBITDA is projected to be in the range of $3.55 billion to $3.75 billion, indicating a growth of 13% at the mid-point.
- Operating EPS is anticipated to be in the range of $2.80 to $3.00 per share, reflecting a growth of 9% at the mid-point.
- The increased guidance includes the impact of the Biologicals acquisitions, enhancing the company's growth prospects.
- The outlook for agriculture remains robust in 2023, with record demand for grain and oilseeds.
Challenges Ahead
- The company is not able to reconcile its forward-looking non-GAAP financial measures to its most comparable U.S. GAAP financial measures.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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