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Corteva(CTVA) - 2023 Q1 - Quarterly Report
2023-05-03 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38710 Corteva, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 82-4979096 (State or other Jurisdiction of Incorporation or Organizatio ...
Corteva, Inc. (CTVA) Presents at Bank of America Securities 2023 Global Agriculture and Materials Conference (Transcript)
2023-03-03 21:04
Corteva, Inc. (NYSE:CTVA) Bank of America Securities 2023 Global Agriculture and Materials Conference March 1, 2023 8:50 AM ET Company Participants Chuck Magro - CEO Conference Call Participants Steve Byrne - Bank of America Steve Byrne It's a pleasure for me to have Chuck Magro up here from Corteva. I've known Chuck a long time, where his business card didn't say Corteva on it. But he's been in the ag industry for at least since 2009, I think it was, since you joined Nutrien, was that? Novo Chemicals befor ...
Corteva(CTVA) - 2022 Q4 - Annual Report
2023-02-08 16:00
Approximately 1% of the workforce is unionized in the United States and another 11% participate in work councils and collective bargaining arrangements outside the United States. In 2022, the company did not experience any work stoppages due to strike or lockouts. Trade secrets are an important element of the company's intellectual property. Many of the processes used to make Corteva products are kept as trade secrets which, from time to time, may be licensed to third parties. Corteva vigilantly protects al ...
Corteva(CTVA) - 2022 Q4 - Earnings Call Transcript
2023-02-02 18:11
Financial Data and Key Metrics Changes - In 2022, organic sales grew by 15% compared to 2021, with global pricing up by 10% and Crop Protection volume increasing by 9% [20][21] - Operating EBITDA for the full year increased by approximately $650 million to $3.2 billion, reflecting strong customer demand and broad-based organic growth [25][49] - Free cash flow for 2022 was approximately $270 million, a significant decrease from over $2 billion in 2021, primarily due to higher working capital balances [27] Business Line Data and Key Metrics Changes - Seed volumes were down due to a reduction in U.S. corn acres and supply constraints for canola, while soybean volumes increased by 7% driven by Enlist penetration [23] - In Latin America, organic sales increased by 23%, with pricing up by 16% and Crop Protection volumes increasing by 10% [24] - New products in Crop Protection delivered over $475 million in sales growth year-over-year, an increase of more than 30% [21][42] Market Data and Key Metrics Changes - U.S. planted area is estimated to be 91 million acres for corn and 89 million acres for soybeans, both showing increases versus 2022 [8] - Global grain and oilseed stocks are tight due to last year's below-trend yields impacted by dry weather and geopolitical factors [7] - The company expects positive market conditions to continue throughout 2023, with a need to rebuild global grains and oilseed inventories over at least two years [9] Company Strategy and Development Direction - The company is focused on a value creation plan aiming for $4.4 billion of EBITDA by 2025, with a margin range of 21% to 23% [14] - Strategic actions include portfolio simplification, royalty neutrality, product mix, and operational improvements [5] - The company plans to increase investment in R&D to deliver more differentiated and sustainable solutions [43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for 2023, expecting 5% sales growth and continued margin expansion despite cost inflation and currency headwinds [16][57] - The company anticipates a strong demand for differentiated technology and expects to benefit from ongoing capacity expansions [60][64] - Management noted that farm income is expected to remain strong, supporting demand for corn and soybean oil [17] Other Important Information - The company announced its intent to acquire Symborg and Stoller, which are expected to close in the first half of 2023, reinforcing its commitment to sustainable agricultural tools [15] - The guidance for 2023 includes a projected operating EPS range of $2.70 to $2.90 per share, reflecting earnings growth and a lower average share count [30] Q&A Session Summary Question: Insights on the value creation program and its acceleration - Management indicated that the company is ahead of the value creation plan, achieving 200 basis points of margin improvement in 2022, exceeding initial expectations [38] Question: Clarification on the low end of 2023 guidance - The guidance reflects headwinds from portfolio changes and higher interest rates, with a focus on currency impacts and inflation dynamics [39][70] Question: Free cash flow assumptions for 2023 - The company expects working capital dynamics to contribute positively to cash flow, despite higher cash taxes and interest expenses [74] Question: Crop Protection volumes and fungicide demand - Management explained that weak fungicide demand in Latin America was due to drought conditions affecting expected growth [95] Question: Commentary on Crop Protection margins and pricing strategies - The company highlighted strong demand for differentiated products and effective cost management strategies to offset inflation [100][114]
Corteva, Inc. (CTVA) Corteva Signs Agreement to Acquire Stoller Group (Transcript)
2022-12-05 17:52
Corteva, Inc. (NYSE:CTVA) Corteva Signs Agreement to Acquire Stoller Group December 5, 2022 11:00 AM ET Company Participants Kim Booth - VP, IR Chuck Magro - CEO Dave Anderson - EVP, CFO Robert King - EVP, Crop Protection Business Unit Conference Call Participants Vincent Andrews - Morgan Stanley David Begleiter - Deutsche Bank Christopher Parkinson - Mizuho Securities Joel Jackson - BMO Capital Markets Operator Good day, ladies and gentlemen, and welcome to the Corteva Investor Relations Webcast Call. At ...
Corteva(CTVA) - 2022 Q3 - Earnings Call Transcript
2022-11-04 16:52
Corteva, Inc. (NYSE:CTVA) Q3 2022 Results Conference Call November 4, 2022 9:00 AM ET Company Participants Kim Booth - VP, IR Chuck Magro - CEO Dave Anderson - EVP, CFO Tim Glenn - EVP, Seed Business Unit Robert King - EVP, Crop Protection Business Unit Conference Call Participants Arun Viswanathan - RBC Capital Markets Ben Theurer - Barclays Christopher Parkinson - Mizuho David Begleiter - Deutsche Bank Frank Mitsch - Fermium Research Jeff Zekauskas - JP Morgan Joel Jackson - BMO Capital Markets Josh Spec ...
Corteva(CTVA) - 2022 Q3 - Quarterly Report
2022-11-03 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38710 Corteva, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 82-4979096 (State or other Jurisdiction of Incorporation or Organiz ...
Corteva(CTVA) - 2022 Q2 - Earnings Call Transcript
2022-08-05 17:10
Corteva, Inc. (NYSE:CTVA) Q2 2022 Earnings Conference Call August 5, 2022 9:00 AM ET Company Participants Kim Booth - IR Chuck Magro - CEO Dave Anderson - EVP and CFO Tim Glenn - EVP, Seed Business Unit Robert King - EVP, Crop Protection Business Unit Conference Call Participants Vincent Andrews - Morgan Stanley Joel Jackson - BMO Capital Markets David Begleiter - Deutsche Bank Kevin McCarthy - Vertical Research Partners Chris Parkinson - Mizuho P.J. Juvekar - Citi Jeffrey Zekauskas - JP Morgan Steve Byrne ...
Corteva(CTVA) - 2022 Q2 - Quarterly Report
2022-08-04 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38710 Corteva, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 82-4979096 (State or other Jurisdiction of Incorporation or Organization ...
Corteva(CTVA) - 2022 Q1 - Earnings Call Presentation
2022-05-06 02:37
| --- | --- | --- | |-------|-----------------------------------|-------| | | | | | | 1Q 2022 Earnings Conference Call | | | | May 5, 2022 | | Safe Harbor Regarding Forward-Looking Statements 2 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 for ...