Safe Harbor Regarding Forward-Looking Statements Forward-Looking Statements This presentation contains certain estimates and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like "plan ...

Corteva, Inc. (CTVA) reported $4.49 billion in revenue for the quarter ended March 2024, representing a year-over-year decline of 8%. EPS of $0.89 for the same period compares to $1.16 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $4.56 billion, representing a surprise of -1.42%. The company delivered an EPS surprise of +12.66%, with the consensus EPS estimate being $0.79.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Stree ...

[Financial Statements](index=1&type=section&id=Financial%20Statements) This section presents Corteva's consolidated financial statements, detailing operational results, financial position, and cash flow activities [Consolidated Statements of Operations](index=1&type=section&id=Consolidated%20Statements%20of%20Operations) Corteva reported Q1 2024 net sales of **$4.49 billion**, an 8% decrease, with net income attributable to Corteva at **$419 million** and diluted EPS at **$0.53** Q1 2024 vs Q1 2023 Statement of Operations Highlights | Financial Metric | Q1 2024 (in millions) | Q1 2023 (in millions) | Change (%) | | :--- | :--- | :--- | :--- | | Net Sales | $4,492 | $4,884 | -8.0% | | Income from continuing operations | $376 | $607 | -38.1% | | Net income attributable to Corteva | $419 | $595 | -29.6% | | Diluted EPS from continuing operations | $0.53 | $0.84 | -36.9% | [Consolidated Balance Sheets](index=2&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, Corteva's total assets were **$43.6 billion**, a decrease from **$45.5 billion** year-over-year, with total equity declining to **$25.0 billion** Balance Sheet Summary (in millions) | Account | March 31, 2024 | Dec 31, 2023 | March 31, 2023 | | :--- | :--- | :--- | :--- | | Total Current Assets | $17,163 | $16,260 | $18,329 | | Total Assets | $43,625 | $42,996 | $45,500 | | Total Current Liabilities | $11,332 | $10,409 | $13,231 | | Total Liabilities | $18,617 | $17,717 | $19,661 | | Total Equity | $25,008 | $25,279 | $25,839 | [Consolidated Statement of Cash Flows](index=3&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) Q1 2024 saw a net cash outflow of **$2.61 billion** from operating activities, an improvement from Q1 2023, with investing activities using **$270 million** and financing providing **$1.77 billion** Q1 Cash Flow Summary (in millions) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Cash used for operating activities - continuing | $(2,606) | $(3,302) | | Cash used for investing activities | $(270) | $(1,511) | | Cash provided by financing activities | $1,766 | $3,274 | | **Increase (decrease) in cash** | **$(1,144)** | **$(1,550)** | [Segment and Geographic Performance](index=4&type=section&id=Segment%20and%20Geographic%20Performance) This section analyzes Corteva's net sales performance across its Seed and Crop Protection segments and various geographic regions [Segment Net Sales](index=4&type=section&id=Segment%20Net%20Sales) Q1 2024 Seed segment net sales grew **2%** to **$2.75 billion**, while Crop Protection net sales decreased **20%** to **$1.74 billion** Q1 Net Sales by Segment (in millions) | Segment | Q1 2024 | Q1 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Seed | $2,751 | $2,695 | +2.1% | | Crop Protection | $1,741 | $2,189 | -20.5% | Q1 Seed Net Sales by Product (in millions) | Product | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Corn | $2,087 | $1,979 | | Soybean | $292 | $269 | | Other oilseeds | $245 | $301 | Q1 Crop Protection Net Sales by Product (in millions) | Product | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Herbicides | $886 | $1,242 | | Insecticides | $373 | $409 | | Fungicides | $295 | $359 | [Geographic Net Sales](index=4&type=section&id=Geographic%20Net%20Sales) Q1 2024 Seed sales saw **11% growth** in North America and a **9% decline** in EMEA, while Crop Protection sales decreased across all regions, notably **30%** in North America Q1 2024 vs Q1 2023 Geographic Net Sales (in millions) | Region | Seed Sales (2024) | Seed Sales (2023) | Crop Protection Sales (2024) | Crop Protection Sales (2023) | | :--- | :--- | :--- | :--- | :--- | | North America | $1,471 | $1,323 | $616 | $879 | | EMEA | $918 | $1,012 | $670 | $801 | | Latin America | $271 | $259 | $244 | $293 | | Asia Pacific | $91 | $101 | $211 | $216 | [Non-GAAP Financial Measures and Reconciliations](index=5&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section provides reconciliations and analysis of Corteva's non-GAAP financial measures, including Operating EBITDA, Operating Earnings, and Free Cash Flow [Overview of Non-GAAP Measures](index=5&type=section&id=Overview%20of%20Non-GAAP%20Measures) Q1 2024 Operating EBITDA was **$1.034 billion**, down from **$1.231 billion** in Q1 2023, with Seed segment EBITDA increasing and Crop Protection decreasing Q1 Operating EBITDA by Segment (in millions) | Segment | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Seed | $748 | $652 | | Crop Protection | $310 | $603 | | Corporate Expenses | $(24) | $(24) | | **Total Operating EBITDA (Non-GAAP)** | **$1,034** | **$1,231** | Reconciliation of GAAP Income to Operating EBITDA (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Income from continuing operations before taxes (GAAP) | $482 | $776 | | Adjustments (Depreciation, Interest, etc.) | $552 | $455 | | **Operating EBITDA (Non-GAAP)** | **$1,034** | **$1,231** | [Analysis of Sales Changes (Organic vs. GAAP)](index=6&type=section&id=Analysis%20of%20Sales%20Changes%20%28Organic%20vs.%20GAAP%29) Q1 2024 total organic sales decreased **6%** due to volume declines, while Seed organic sales grew **5%** and Crop Protection organic sales fell **21%** Q1 2024 vs Q1 2023 Percent Change in Sales | Segment | Net Sales Change (GAAP) | Organic Change (Non-GAAP) | Price & Product Mix | Volume | Currency | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Company** | **-8%** | **-6%** | **3%** | **-9%** | **-2%** | | Seed | 2% | 5% | 6% | -1% | -2% | | Crop Protection | -20% | -21% | -3% | -18% | -1% | Q1 2024 vs Q1 2023 Percent Change in Seed Sales by Product Line | Product Line | Organic Change (Non-GAAP) | Price & Product Mix | Volume | | :--- | :--- | :--- | :--- | | Corn | 8% | 7% | 1% | | Soybeans | 9% | 2% | 7% | | Other oilseeds | -3% | 10% | -13% | Q1 2024 vs Q1 2023 Percent Change in Crop Protection Sales by Product Line | Product Line | Organic Change (Non-GAAP) | Price & Product Mix | Volume | | :--- | :--- | :--- | :--- | | Herbicides | -29% | -4% | -25% | | Insecticides | -4% | 1% | -5% | | Fungicides | -16% | -1% | -15% | [Significant Items](index=8&type=section&id=Significant%20Items) Q1 2024 significant pre-tax charges totaled **$127 million**, up from **$83 million** in Q1 2023, primarily due to restructuring and Lorsban® settlement expenses Q1 Significant Items (Pre-tax, in millions) | Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Restructuring and asset related charges, net | $(75) | $(33) | | Estimated settlement expense (Lorsban®) | $(54) | $(49) | | Acquisition-related costs | $(2) | $(19) | | **Total significant items** | **$(127)** | **$(83)** | - Q1 2024 restructuring charges of **$(75) million** primarily relate to the Crop Protection Operations Strategy Restructuring Program and accelerated royalty amortization for Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® traits[26](index=26&type=chunk) - Acquisition-related costs in both periods are associated with the integration of Stoller and Symborg[3](index=3&type=chunk) [Reconciliation of Operating Earnings and EPS](index=9&type=section&id=Reconciliation%20of%20Operating%20Earnings%20and%20EPS) Q1 2024 Operating Earnings (Non-GAAP) were **$625 million** or **$0.89 per share**, a decrease from **$833 million** or **$1.16 per share** in Q1 2023 Reconciliation of GAAP Net Income to Non-GAAP Operating Earnings (in millions) | Description | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net income attributable to Corteva (GAAP) | $372 | $603 | | Less: Non-operating benefits (costs), after tax | $(40) | $(33) | | Less: Amortization of intangibles (existing as of Separation), after tax | $(117) | $(118) | | Less: Significant items charge, after tax | $(95) | $(68) | | **Operating Earnings (Non-GAAP)** | **$625** | **$833** | Reconciliation of GAAP EPS to Non-GAAP Operating EPS | Description | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | EPS (diluted) (GAAP) | $0.53 | $0.84 | | Adjustments (per share) | $0.36 | $0.32 | | **Operating EPS (Non-GAAP)** | **$0.89** | **$1.16** | [Reconciliation of Operating EBITDA to Operating Earnings Per Share](index=10&type=section&id=Reconciliation%20of%20Operating%20EBITDA%20to%20Operating%20Earnings%20Per%20Share) This section details the Q1 2024 conversion from **$1.034 billion** Operating EBITDA to **$625 million** Operating Earnings and **$0.89** Operating EPS after various adjustments Q1 2024 Reconciliation from Operating EBITDA to Operating EPS (in millions, except per share) | Description | Amount | | :--- | :--- | | Operating EBITDA (Non-GAAP) | $1,034 | | Depreciation & Amortization (post Separation) | $(153) | | Net Interest | $(6) | | Provision for income taxes (Non-GAAP) | $(194) | | Exchange losses, after tax | $(52) | | Net income attributable to non-controlling interests | $(4) | | **Operating Earnings (Loss) (Non-GAAP)** | **$625** | | Diluted Shares (in millions) | 702.8 | | **Operating Earnings (Loss) Per Share (Non-GAAP)** | **$0.89** | [Reconciliation of Income Tax Rate](index=11&type=section&id=Reconciliation%20of%20Income%20Tax%20Rate) Q1 2024 GAAP effective income tax rate was **22.0%**, with the Non-GAAP base income tax rate at **22.1%**, consistent with the prior year Q1 Income Tax Rate Reconciliation | Description | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Effective income tax rate (GAAP) | 22.0% | 21.8% | | Adjustments for significant items, etc. | 0.9% | 0.0% | | Exchange gains (losses), net effect | (0.8)% | 0.4% | | **Base income tax rate (Non-GAAP)** | **22.1%** | **22.1%** | - The Base income tax rate is defined as the effective tax rate excluding the effects of exchange gains/losses, significant items, amortization of certain intangibles, mark-to-market adjustments, and non-operating costs[10](index=10&type=chunk) [Exchange Gains (Losses)](index=12&type=section&id=Exchange%20Gains%20%28Losses%29) Q1 2024 saw a net after-tax exchange loss of **$52 million**, primarily due to a **$65 million** loss from the hedging program, exceeding the **$25 million** loss in Q1 2023 Q1 Exchange Gains (Losses) Summary (Net after tax, in millions) | Component | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Subsidiary Monetary Position Gain (Loss) | $13 | $(21) | | Hedging Program Gain (Loss) | $(65) | $(4) | | **Total Net after tax exchange gains (losses)** | **$(52)** | **$(25)** | [Free Cash Flow](index=13&type=section&id=Free%20Cash%20Flow) Corteva's Free Cash Flow for the twelve months ended December 31, 2023, was **$1.214 billion**, with forward-looking guidance set between **$1.5 billion** and **$2.0 billion** Free Cash Flow Calculation (in millions) | Description | TTM Ended Dec 31, 2023 | | :--- | :--- | | Cash from operating activities (GAAP) | $1,809 | | Less: Capital expenditures | $(595) | | **Free Cash Flow (Non-GAAP)** | **$1,214** | Forward-Looking Free Cash Flow Guidance (in millions) | Description | Low End | High End | | :--- | :--- | :--- | | Cash from operating activities (GAAP) | $2,130 | $2,630 | | Less: Capital expenditures | $(630) | $(630) | | **Free Cash Flow (Non-GAAP)** | **$1,500** | **$2,000** |

1Q results in line with expectations and mostly constructive ag economy Strength of Seed performance demonstrates global demand for top technology Crop Protection declines reflect just-in-time purchases and residual inventory imbalances FY guidance unchanged, 2024 outlook supported by controllable levers INDIANAPOLIS, May 1, 2024 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results for the three months ended March 31, 2024. 1Q 2024 Results Overview ...

Analysts on Wall Street project that Corteva, Inc. (CTVA) will announce quarterly earnings of $0.79 per share in its forthcoming report, representing a decline of 31.9% year over year. Revenues are projected to reach $4.56 billion, declining 6.7% from the same quarter last year.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 3.7% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period ...

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?Let's take a look at what these Wall Street heavyweights have to say about Corteva, Inc. (CTVA) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.Corteva, Inc. currently has an averag ...

lovelyday12 Corteva, Inc. (NYSE:CTVA), spun off from the massive company, DowDuPont, has successfully realized the benefits of such reorganization to date outperforming S&P 500 Index in the past five years. However, there is still a notable gap between the value of Corteva today and the value of its peers such as Monsanto and Syngenta before privatization. Given its solid business fundamentals as well as a tremendous number of intellectual properties, Corteva remains as an attractive investment for inve ...

New Investment and Partnership Platform Will Accelerate Next Generation Ag-tech Innovation   INDIANAPOLIS, March 19, 2024 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) today announced the launch of Corteva Catalyst, a new investment and partnership platform focused on accessing and bringing to market agricultural innovations that advance the company's R&D priorities and drive value creation. Corteva Catalyst will partner with entrepreneurs and innovators to accelerate the development of early-stage, disruptive ...

As of March 1, virtually all S&P 500 companies had already reported earnings. Approximately 73% beat the earnings estimates, leaving investors with plenty of top stock superstars to choose from that blew through Wall Street’s expectations. Identifying the best earnings winners from this profitable bunch will be important for investors. The good news is that these companies’ earnings on an aggregated basis increased by 4% over Q4 2022. That would be the second consecutive quarter of earnings growth. The bad ...

Corteva, Inc. (NYSE:CTVA) Bank of America Securities 2024 Global Agriculture & Materials Conference Call February 28, 2024 9:10 AM ET Company Participants Dave Anderson - Chief Financial Officer Chuck Magro - Chief Executive Officer Conference Call Participants Steve Byrne - Bank of America Steve Byrne I want to get going on this one with Corteva. We have so much to talk about. But I want to make sure you know who is up here with me: Dave Anderson, CFO of Corteva and Chuck Magro, CEO. Chuck has been in this ...