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Jun 30, 2023
Corteva Q2 2023 Earnings Report
Corteva's financial results for Q2 2023 were reported, with net sales decreasing by 3% and mixed performance across segments.
Key Takeaways
Corteva reported a decrease in net sales by 3% for the second quarter of 2023. While the Seed segment showed strong performance, it was offset by headwinds in the Crop Protection segment. The company has updated its full-year net sales and earnings guidance.
Net sales decreased by 3% compared to the same period last year.
Organic sales declined by 4%.
Operating EBITDA increased by 2% compared to prior year.
The company updated its full-year net sales and earnings guidance.
Corteva
Corteva
Corteva Revenue by Segment
Corteva Revenue by Geographic Location
Forward Guidance
Corteva expects net sales in the range of $17.9 billion to $18.2 billion, Operating EBITDA in the range of $3.50 billion to $3.65 billion and Operating EPS in the range of $2.75 to $2.90 per share.
Positive Outlook
- High demand for grain and oilseeds.
- Commodity prices are above historical averages.
- Farm balance sheets and income levels remain healthy.
- Growers prioritize technology to maximize return.
Challenges Ahead
- Crop Protection order patterns are being influenced by product availability.
- Higher interest rates.
- Deferral of purchases until closer to usage.
- Lowering sales expectations for this period.
- Lowering earnings expectations for this period.