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Jun 30, 2024
Corteva Q2 2024 Earnings Report
Corteva's second quarter results were reported with net sales increasing slightly and operating EBITDA rising significantly, driven by strength in the Seed business and effective operational execution, while Crop Protection faced industry challenges.
Key Takeaways
Corteva reported a 1% increase in net sales for the second quarter of 2024, with organic sales up by 2%. The Seed business showed strength, while the Crop Protection segment faced challenges due to destocking and competitive pressures. The company has updated its full-year guidance to reflect current market dynamics.
Net sales increased by 1% compared to the same period last year.
Organic sales increased by 2% due to Crop Protection growth offsetting lower Seed volumes.
GAAP income from continuing operations after income taxes was $1.06 billion.
Operating EBITDA increased by 10% compared to the prior year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Corteva updated its full-year 2024 guidance, expecting net sales in the range of $17.2 billion to $17.5 billion, operating EBITDA in the range of $3.4 billion to $3.6 billion, and operating EPS in the range of $2.60 to $2.80 per share. The company anticipates cash provided by operating activities to be between $2.1 billion and $2.6 billion, with free cash flow expected to be in the range of $1.5 billion to $2.0 billion. They also plan to repurchase approximately $1.0 billion shares in 2024.
Positive Outlook
- On-farm demand for inputs remains steady.
- Farmers continue to prioritize top-tier seed technology.
- Seed business has outperformed the market, likely gaining market share.
- Seed business is improving operational efficiency.
- Company plans to repurchase approximately $1.0 billion shares in 2024.
Challenges Ahead
- Global Crop Protection industry volume has begun to stabilize, pricing pressures have become more pronounced.
- Pricing pressures are due to the competitive environment.
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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