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Mar 31, 2024
Corteva Q1 2024 Earnings Report
Corteva's first quarter results were reported, showing a mix of performance with seed sales up and crop protection sales down due to industry headwinds.
Key Takeaways
Corteva reported a decrease in net sales by 8% and a decrease in EPS to $0.53. Seed sales increased by 2%, while Crop Protection sales decreased by 20%. The company reaffirmed its full-year 2024 guidance.
Net sales decreased by 8% compared to the prior year.
Seed net sales increased by 2% driven by price increases.
Crop Protection net sales decreased by 20% due to industry headwinds.
The company reaffirmed its full-year 2024 guidance.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Corteva reaffirmed its full-year 2024 guidance and expects net sales in the range of $17.4 billion to $17.7 billion. Operating EBITDA is expected to be in the range of $3.5 billion to $3.7 billion. Operating EPS is expected to be in the range of $2.70 to $2.90 per share.
Positive Outlook
- Net sales are expected to grow by 2% at the mid-point.
- Operating EBITDA is expected to grow by 6% at the mid-point.
- Operating EPS is expected to be up 4% at the mid-point.
- Cash provided by operating activities is expected to be in the range of $2.1 billion to $2.6 billion.
- Free Cash Flow is expected to be in the range of $1.5 billion to $2.0 billion.
Challenges Ahead
- Growth is partially offset by interest expense
- Growth is partially offset by a higher base tax rate.
- Global Crop Protection market remains imbalanced after the significant destocking in 2023
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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