[Financial Statements](index=1&type=section&id=Financial%20Statements) [Consolidated Statements of Operations](index=1&type=section&id=Consolidated%20Statements%20of%20Operations) For the third quarter of 2024, Corteva reported a net sales decrease of 10% year-over-year to $2.33 billion, leading to an increased net loss of $524 million compared to a $321 million loss in Q3 2023. For the nine months ended September 30, 2024, net sales fell by 4% to $12.93 billion, and net income attributable to Corteva decreased to $948 million from $988 million in the prior year period Q3 2024 vs Q3 2023 Performance (in millions) | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $2,326 | $2,590 | -10.2% | | Income (loss) from continuing operations | $(519) | $(315) | -64.8% | | Net income (loss) attributable to Corteva | $(524) | $(321) | -63.2% | | Diluted EPS | $(0.76) | $(0.45) | -68.9% | Nine Months 2024 vs 2023 Performance (in millions) | Metric | Nine Months 2024 | Nine Months 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $12,930 | $13,519 | -4.4% | | Income from continuing operations | $913 | $1,172 | -22.1% | | Net income attributable to Corteva | $948 | $988 | -4.0% | | Diluted EPS | $1.35 | $1.39 | -2.9% | [Consolidated Balance Sheets](index=2&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2024, Corteva's total assets stood at $41.9 billion, a slight decrease from $43.0 billion at year-end 2023. Key changes include a decrease in inventories from $6.9 billion to $5.7 billion and a significant increase in short-term borrowings to $3.7 billion from $198 million. Total equity decreased slightly to $25.0 billion Balance Sheet Summary (in millions) | Account | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | **$15,649** | **$16,260** | | Inventories | $5,674 | $6,899 | | **Total Assets** | **$41,908** | **$42,996** | | **Total Current Liabilities** | **$10,424** | **$10,409** | | Short-term borrowings | $3,741 | $198 | | **Total Liabilities** | **$16,929** | **$17,717** | | **Total Equity** | **$24,979** | **$25,279** | [Consolidated Statements of Cash Flows](index=3&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2024, the company experienced a net cash outflow from operating activities of $2.03 billion, an improvement from a $2.60 billion outflow in the same period of 2023. This was primarily driven by changes in working capital, including a large increase in accounts receivable and a decrease in deferred revenue. Financing activities provided $2.14 billion in cash, largely from debt issuance, while investing activities used $466 million Nine Months Cash Flow Summary (in millions) | Activity | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | | Cash from Operating Activities | $(2,028) | $(2,604) | | Cash from Investing Activities | $(466) | $(1,773) | | Cash from Financing Activities | $2,137 | $3,603 | | **Net Change in Cash** | **$(402)** | **$(842)** | - Key drivers for the cash used in operations included a **$1.45 billion** increase in accounts receivable and a **$2.97 billion** decrease in deferred revenue, partially offset by a **$1.06 billion** decrease in inventories[3](index=3&type=chunk) [Segment and Geographic Performance](index=4&type=section&id=Segment%20and%20Geographic%20Performance) [Segment Net Sales](index=4&type=section&id=Segment%20Net%20Sales) In Q3 2024, both major segments saw sales decline year-over-year, with Seed net sales falling 21% to $691 million and Crop Protection net sales decreasing 4% to $1.64 billion. For the nine-month period, Seed sales were down 1% while Crop Protection sales fell by 9%. The decline in Crop Protection was primarily driven by a significant drop in Herbicides sales Q3 Net Sales by Segment (in millions) | Segment | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Seed | $691 | $878 | -21.3% | | Crop Protection | $1,635 | $1,712 | -4.5% | Nine Months Net Sales by Segment (in millions) | Segment | Nine Months 2024 | Nine Months 2023 | Change | | :--- | :--- | :--- | :--- | | Seed | $7,773 | $7,837 | -0.8% | | Crop Protection | $5,157 | $5,682 | -9.2% | [Geographic Net Sales](index=4&type=section&id=Geographic%20Net%20Sales) Geographically, the most significant sales decline in Q3 2024 occurred in Latin America, where Seed sales dropped 43% and Crop Protection sales fell 9%. For the nine-month period, North America Seed sales showed growth of 4%, while Crop Protection sales in the region declined by 10%. EMEA and Latin America experienced sales declines across both segments for the nine-month period - In Q3 2024, Latin America was the weakest region, with Seed net sales falling from **$380 million** to **$218 million** and Crop Protection sales declining from **$844 million** to **$771 million**[6](index=6&type=chunk)[7](index=7&type=chunk) Nine Months Net Sales by Geography - Seed (in millions) | Region | Nine Months 2024 | Nine Months 2023 | Change | | :--- | :--- | :--- | :--- | | North America | $5,394 | $5,192 | +3.9% | | EMEA | $1,365 | $1,441 | -5.3% | | Latin America | $696 | $847 | -17.8% | | Asia Pacific | $318 | $357 | -10.9% | Nine Months Net Sales by Geography - Crop Protection (in millions) | Region | Nine Months 2024 | Nine Months 2023 | Change | | :--- | :--- | :--- | :--- | | North America | $1,703 | $1,901 | -10.4% | | EMEA | $1,311 | $1,555 | -15.7% | | Latin America | $1,458 | $1,537 | -5.1% | | Asia Pacific | $685 | $689 | -0.6% | [Reconciliation of Non-GAAP Measures](index=5&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) [Organic Sales and Operating EBITDA](index=5&type=section&id=Organic%20Sales%20and%20Operating%20EBITDA) For Q3 2024, Organic Sales (Non-GAAP) were $2.46 billion, a 5% decrease from the prior year. The company reported an Operating EBITDA (Non-GAAP) loss of $100 million, a significant decline from a positive $18 million in Q3 2023, driven by a larger loss in the Seed segment. For the nine-month period, Organic Sales were $13.2 billion (down 2%) and Operating EBITDA was $2.85 billion, down from $3.00 billion year-over-year Operating EBITDA by Segment (in millions) | Segment | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Seed | $(320) | $(138) | $2,126 | $1,972 | | Crop Protection | $246 | $184 | $811 | $1,107 | | **Total Operating EBITDA** | **$(100)** | **$18** | **$2,851** | **$2,995** | - The reconciliation from GAAP Income to Operating EBITDA shows adjustments for items such as depreciation & amortization (**$925M** YTD), interest, taxes, and significant items (**$297M** YTD)[10](index=10&type=chunk) [Net Sales Change Analysis](index=6&type=section&id=Net%20Sales%20Change%20Analysis) This section provides a detailed breakdown of the drivers behind net sales changes, comparing GAAP results to Organic (Non-GAAP) changes, which exclude currency and portfolio impacts. It further dissects organic changes into price/product mix and volume components for both quarterly and year-to-date periods [Q3 2024 vs Q3 2023](index=6&type=section&id=Q3%202024%20vs%20Q3%202023) In Q3 2024, total net sales declined 10% (5% organically). The organic decline was driven by an 8% drop in price/mix, partially offset by a 3% increase in volume. The Seed segment's organic sales fell 17%, driven by a 12% volume decline, particularly in Corn. The Crop Protection segment's organic sales grew 1%, with an 11% volume increase offsetting a 10% price/mix decline - Total company organic sales fell **5%** in Q3, composed of a **-8%** impact from Price & Product Mix and a **+3%** impact from Volume. Currency had a **-5%** impact[11](index=11&type=chunk) - Seed segment organic sales dropped **17%**, driven by a **12%** volume decrease and a **5%** price/mix decline. Corn sales were particularly weak, with a **31%** organic sales decline[12](index=12&type=chunk)[14](index=14&type=chunk) - Crop Protection organic sales grew **1%**, as a strong **11%** volume increase (led by Insecticides and Fungicides) more than offset a **10%** decline in price/mix[13](index=13&type=chunk)[15](index=15&type=chunk) [Nine Months 2024 vs 2023](index=8&type=section&id=Nine%20Months%202024%20vs%202023) For the first nine months of 2024, total net sales decreased 4% (2% organically), driven entirely by a 2% volume decline. The Seed segment's organic sales grew 1%, supported by a 4% price/mix improvement. In contrast, the Crop Protection segment's organic sales fell 7%, with declines in both price/mix (-5%) and volume (-2%), led by a 14% organic sales drop in Herbicides - For the nine-month period, total company organic sales fell **2%**, driven by a **2%** volume decline, with Price & Product Mix being flat. Currency had a **-2%** impact[16](index=16&type=chunk) - Seed segment organic sales grew **1%** YTD, with a **4%** price/mix increase offsetting a **3%** volume decline. Soybean sales showed **4%** organic growth[17](index=17&type=chunk)[19](index=19&type=chunk) - Crop Protection organic sales fell **7%** YTD, driven by a **5%** price/mix decline and a **2%** volume drop. Herbicides sales were down **14%** organically[18](index=18&type=chunk)[20](index=20&type=chunk) [Significant Items](index=10&type=section&id=Significant%20Items) For the nine months ended September 30, 2024, Corteva recorded $297 million in pre-tax charges for significant items. These were primarily composed of restructuring and asset-related charges ($199 million pre-tax YTD) and estimated settlement expenses related to Lorsban® ($101 million pre-tax YTD). These charges negatively impacted diluted EPS by $0.31 for the nine-month period Year-to-Date Significant Items (Pre-Tax, in millions) | Item | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | | Restructuring and asset related charges, net | $(199) | $(93) | | Estimated settlement expense (Lorsban®) | $(101) | $(156) | | Acquisition-related costs | $(6) | $(41) | | **Total Significant Items** | **$(297)** | **$(271)** | - The total after-tax impact of significant items for the first nine months of 2024 was a charge of **$219 million**, or **$0.31** per share[22](index=22&type=chunk) [Operating Earnings Per Share (EPS)](index=12&type=section&id=Operating%20Earnings%20Per%20Share%20(EPS)) The company provides a reconciliation from GAAP EPS to a non-GAAP Operating EPS. For Q3 2024, the GAAP loss per share was $(0.76), which adjusted to an Operating Loss per share of $(0.49). For the nine-month period, GAAP EPS of $1.29 was adjusted to an Operating EPS of $2.24. This compares to a nine-month 2023 Operating EPS of $2.54, indicating a year-over-year decline in underlying profitability GAAP EPS to Operating EPS Reconciliation (Nine Months 2024) | Description | Per Share Amount | | :--- | :--- | | **GAAP Diluted EPS from continuing operations** | **$1.29** | | Less: Non-operating benefits (costs), after tax | $(0.14) | | Less: Amortization of intangibles, after tax | $(0.50) | | Less: Mark-to-market gains, after tax | $0.00 | | Less: Significant items charge, after tax | $(0.31) | | **Operating EPS (Non-GAAP)** | **$2.24** | Operating EPS Performance | Period | 2024 | 2023 | | :--- | :--- | :--- | | Q3 Operating EPS | $(0.49) | $(0.23) | | Nine Months Operating EPS | $2.24 | $2.54 | [Base Income Tax Rate](index=14&type=section&id=Base%20Income%20Tax%20Rate) Corteva reconciles its GAAP effective income tax rate to a non-GAAP Base Income Tax Rate. For the nine months ended September 30, 2024, the GAAP effective tax rate was 23.1%. After adjusting for significant items, non-operating costs, and other specified items, the Base Income Tax Rate was calculated to be 22.7%, compared to 20.3% in the prior-year period Tax Rate Reconciliation (Nine Months 2024 vs 2023) | Rate | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | | Effective income tax rate (GAAP) | 23.1% | 17.2% | | Base income tax rate (Non-GAAP) | 22.7% | 20.3% | [Exchange Gain (Loss) Analysis](index=15&type=section&id=Exchange%20Gain%20(Loss)%20Analysis) The report details the components of foreign exchange gains and losses. For the nine months of 2024, the company recorded a total pre-tax exchange loss of $234 million, an improvement from a $242 million loss in the prior year. This was composed of a $199 million loss from subsidiary monetary positions and a $35 million loss from hedging programs Total Exchange Gain (Loss) Summary (Pre-Tax, in millions) | Period | 2024 | 2023 | | :--- | :--- | :--- | | Q3 | $(97) | $(102) | | Nine Months | $(234) | $(242) | [Free Cash Flow](index=16&type=section&id=Free%20Cash%20Flow) Free Cash Flow is a non-GAAP measure defined as cash from continuing operations less capital expenditures. The report provides a reconciliation for the full year 2023, where Free Cash Flow was $1.21 billion. It also includes the forward-looking guidance for full-year 2024, projecting Free Cash Flow to be in the range of $1.5 billion to $2.0 billion Full Year 2024 Free Cash Flow Guidance (in millions) | Metric | Low End | High End | | :--- | :--- | :--- | | Cash from operating activities (GAAP) | $2,100 | $2,600 | | Less: Capital expenditures | $(600) | $(600) | | **Free Cash Flow (Non-GAAP)** | **$1,500** | **$2,000** | - For the full year ended December 31, 2023, the company generated **$1.214 billion** in Free Cash Flow[40](index=40&type=chunk)

Core Insights - Corteva, Inc. reported a decline in net sales and earnings for the third quarter of 2024, with net sales down 10% year-over-year and a loss from continuing operations of $519 million [2][10][8] - The company anticipates strong growth in Operating EBITDA and margin expansion for 2025, driven by controllable factors [6][8][26] Financial Performance - For Q3 2024, net sales were $2.33 billion, a 10% decrease compared to Q3 2023, with organic sales down 5% [2][8] - Year-to-date (YTD) net sales for 2024 were $12.93 billion, reflecting a 4% decline from the previous year [3][4] - The company reported a GAAP income of $913 million and an EPS of $1.29 for the first nine months of 2024, down 22% and 21% respectively from 2023 [3][4] Segment Performance - Seed net sales decreased by 21% in Q3 2024 to $691 million, primarily due to a 12% decline in volume and a 5% decrease in price [11][12] - Crop Protection net sales were approximately $1.6 billion in Q3 2024, down 4% from the previous year, but operating EBITDA increased by 34% to $246 million [16][18] - The Crop Protection segment saw an 11% increase in volume driven by demand in Latin America and North America, despite a 10% decline in price [17][20] Market Dynamics - The decline in seed sales was attributed to reduced corn planted area in Latin America and unfavorable weather conditions [14][23] - The Crop Protection business benefited from raw material deflation and productivity savings, which helped offset competitive pricing pressures [24][18] - The company expects to repurchase approximately $1 billion in shares during 2024, indicating a commitment to returning value to shareholders [25][26] Guidance and Outlook - Corteva updated its full-year 2024 guidance, expecting net sales between $17.0 billion and $17.2 billion, with Operating EBITDA projected at $3.35 billion to $3.45 billion [25][26] - For 2025, the company anticipates net sales in the range of $17.3 billion to $17.7 billion, representing a growth of 2% at the mid-point, and Operating EBITDA between $3.6 billion and $4.0 billion, indicating a growth of 12% at the mid-point [26][25]

Core Viewpoint - Analysts forecast a quarterly loss of $0.31 per share for Corteva, Inc. (CTVA), indicating a year-over-year decline of 34.8%, while revenues are expected to reach $2.69 billion, reflecting a 3.7% increase compared to the previous year [1]. Revenue Estimates - The average prediction for 'Revenue- Seed' is $903.44 million, showing a year-over-year change of +2.9% [5]. - 'Revenue- Crop Protection' is anticipated to be $1.76 billion, also indicating a +2.9% year-over-year change [5]. - 'Revenue- Crop Protection- Other' is expected to be $188.06 million, reflecting a significant decline of -26.3% year over year [5]. - 'Revenue- Seed- Other' is projected to reach $75.93 million, marking a +26.6% change from the prior-year quarter [6]. - 'Revenue- Crop Protection- Herbicides' is forecasted at $833.21 million, indicating a +2.2% year-over-year change [6]. - 'Revenue- Crop Protection- Insecticides' is estimated at $425.70 million, showing a +2.3% change from the year-ago quarter [6]. - 'Revenue- Crop Protection- Fungicides' is expected to reach $303.82 million, reflecting a substantial increase of +34.4% from the prior-year quarter [7]. - 'Revenue- Seed- Soybean' is projected at $207.20 million, indicating a +9.6% year-over-year change [7]. - 'Revenue- Seed- Corn' is estimated at $508.43 million, suggesting a +4.4% year-over-year change [7]. - 'Revenue- Seed- Other oilseeds' is expected to be $126.35 million, indicating a decline of -11% year over year [8]. Operating Metrics - Analysts predict 'Operating EBITDA- Crop Protection' to reach $184.03 million, which is consistent with the year-ago value of $184 million [8]. Stock Performance - Corteva, Inc. shares have shown a return of +4.9% over the past month, contrasting with the Zacks S&P 500 composite's -1% change, and the company holds a Zacks Rank 3 (Hold), suggesting it is expected to mirror overall market performance in the near future [8].

Group 1 - Corteva, Inc. has appointed Judd O'Connor as the new Executive Vice President of its Seed Business Unit, effective December 1, 2024, succeeding Tim Glenn who will transition to a Strategic Advisor role until his retirement in early 2025 [1][3] - Judd O'Connor brings 25 years of experience within Corteva and its heritage companies, having previously served as President of the North America business and held leadership roles in Latin America [2][3] - CEO Chuck Magro expressed confidence in O'Connor's operational expertise and customer insights, emphasizing the importance of innovation in supporting farmers [3] Group 2 - Tim Glenn has been with Corteva and its heritage companies for over 30 years, contributing significantly to the Seed business and its global impact [3] - Corteva is a global pure-play agriculture company focused on delivering innovative solutions to agricultural challenges, with a diverse mix of seed, crop protection, and digital products [4] - The company aims to maximize productivity for farmers while engaging with stakeholders throughout the food system to ensure sustainable progress [4]

Group 1 - Corteva, Inc. CEO Chuck Magro will speak at the 2024 BMO Ag-Apalooza event on September 24, 2024, at 12:00 p.m. Eastern Time [1] - The presentation will be available via live webcast on the Corteva Investor Relations website, with a replay accessible for 24 hours after the event until October 24, 2024 [1] Group 2 - Corteva, Inc. is a global pure-play agriculture company focused on delivering innovative solutions to address significant agricultural challenges [2] - The company utilizes a unique distribution strategy and offers a balanced mix of seed, crop protection, and digital products and services [2] - Corteva is committed to maximizing productivity for farmers while engaging with stakeholders across the food system to ensure sustainable progress [2]

INDIANAPOLIS, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Time is running out to apply to participate in the Mark Cuban Foundation Artificial Intelligence (AI) Bootcamp hosted by Corteva in Indianapolis. Applications for the no-cost bootcamp are closing September 30. The Mark Cuban Foundation, in partnership with Corteva is bringing the only artificial intelligence (AI) camp of its kind, free of charge, to high school students in Indianapolis. With a custom and highly-relevant curriculum focused on teaching students ...

Durham, N.C., Sept. 17, 2024 (GLOBE NEWSWIRE) -- Pairwise, a technology company pioneering gene editing to improve plant breeding in specialty and commodity crops, has closed a $40M Series C funding round led by Deerfield Management. Multiple returning investors, including Aliment Capital and Leaps by Bayer, are joined by new investor and global ag technology leader Corteva, Inc. (NYSE: CTVA), through its Corteva Catalyst platform, further signaling the promise and anticipated benefits of gene editing in ag ...

Corteva to invest $25 million to acquire equity stake in gene editing innovator, Pairwise Strategic collaboration to also form a joint venture to accelerate gene editing solutions INDIANAPOLIS and DURHAM, N.C., Sept. 17, 2024 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA), a global leader in agricultural technology and Pairwise, a technology company pioneering the application of gene editing in food and agriculture, announced a collaboration today to accelerate the delivery of advanced gene editing solutions to ...

jetcityimage Introduction With interest rates falling even before the Federal Open Market Committee ("FOMC") cuts the federal funds rate ("FFR"), I have reviewed numerous preferred stocks issued by financial entities, as they account for a vast majority of what's available. The one exception was Hovnanian Enterprises (HOV). This article covers a second non-financial issuer, Corteva (NYSE:CTVA). Reviewed here are both preferreds available: Corteva, Inc., $3.50 Series Cumulative Preferred Stock (NYSE:CTA.PR.A ...

Register for the Virtual Event and Get Updated on Company's Strategy, Innovation and Roadmap for Growth INDIANAPOLIS, Aug. 15, 2024 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) is hosting an Investor Day on November 19, 2024 from 9:00 a.m. to 12:30 p.m. Eastern Time. Corteva's Chief Executive Officer Chuck Magro will provide updates on the company's strategy, technology pipeline and financial framework along with the company's senior leadership team. Presentations will be webcast. To access the webcast, you m ...