Here's What Key Metrics Tell Us About Corteva, Inc. (CTVA) Q3 Earnings

Core Insights - Corteva, Inc. reported a revenue of $2.33 billion for the quarter ended September 2024, reflecting a decrease of 10.2% year-over-year [1] - The company's EPS was -$0.49, compared to -$0.23 in the same quarter last year [1] - Revenue fell short of the Zacks Consensus Estimate of $2.69 billion, resulting in a surprise of -13.39% [2] - The EPS also missed the consensus estimate of -$0.31, with a surprise of -58.06% [2] Revenue Breakdown - Seed revenue was $691 million, significantly below the average estimate of $903.44 million, marking a year-over-year decline of 21.3% [3] - Crop Protection revenue totaled $1.64 billion, compared to the estimated $1.76 billion, representing a decrease of 4.5% year-over-year [3] - Other Crop Protection revenue was $246 million, exceeding the estimate of $188.06 million, but still down 3.5% from the previous year [3] - Seed revenue from Other sources was $77 million, slightly above the estimate of $75.93 million, showing an increase of 28.3% year-over-year [3] - Herbicides revenue was $736 million, below the estimate of $833.21 million, reflecting a decline of 9.7% [3] - Insecticides revenue was $437 million, slightly above the estimate of $425.70 million, with a year-over-year increase of 5.1% [3] - Fungicides revenue was $216 million, below the estimated $303.82 million, down 4.4% year-over-year [3] - Soybean seed revenue was $164 million, below the estimate of $207.20 million, down 13.2% year-over-year [3] - Corn seed revenue was $315 million, significantly below the estimate of $508.43 million, marking a decline of 35.3% [3] - Other oilseeds seed revenue was $135 million, slightly above the estimate of $126.35 million, down 4.9% year-over-year [3] Operating Performance - Operating EBITDA for Seed was -$320 million, worse than the average estimate of -$174.45 million [3] - Operating EBITDA for Corporate was -$26 million, slightly better than the average estimate of -$27.91 million [3] Stock Performance - Corteva, Inc. shares have returned +8.5% over the past month, outperforming the Zacks S&P 500 composite's +0.7% change [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [4]