Corteva(US:CTVA) Prnewswireยท2024-11-06 21:15Core 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]