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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.
Corteva
Corteva
Corteva Revenue by Segment
Corteva Revenue by Geographic Location
Revenue by Segment
Seed Revenue
CapyFin.comCrop Protection Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comEMEA Revenue
CapyFin.comLatin America Revenue
CapyFin.comAsia Pacific Revenue
CapyFin.com 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
- Normalization of commodity prices
- Industry continues to work through residual inventory imbalances in key regions and farmers are shifting to just-in-time purchasing
Revenue & Expenses
Visualization of income flow from segment revenue to net income