Accessibility StatementSkip Navigation Corteva, Inc. (NYSE: CTVA) is a global pure-play agriculture company that combines industry-leading innovation, high-touch customer engagement and operational execution to profitably deliver solutions for the world's most pressing agriculture challenges. Corteva generates advantaged market preference through its unique distribution strategy, together with its balanced and globally diverse mix of seed, crop protection, and digital products and services. With some of the ...

Core Viewpoint - Corteva plans to separate into two independent, publicly traded companies: New Corteva (Crop Protection) and SpinCo (Seed) to enhance focus and growth opportunities for both segments [2][3][4] Company Overview - Corteva has established itself as a leader in the agriculture technology sector, focusing on innovation and operational excellence [4][6] - The separation aims to create two distinct market leaders, each with tailored capital allocation strategies and growth priorities [3][5] Strategic Rationale - The separation is seen as a logical step to maximize long-term value creation by allowing each business to focus on its own market dynamics and growth strategies [5][7] - New Corteva will emphasize differentiated, innovative solutions, particularly in the biologicals segment, which is the fastest-growing market area [6][8] Financial Projections - Estimated net sales for New Corteva in 2025 are projected to be $7.8 billion, accounting for 44% of Corteva's total net sales [6][10] - SpinCo is expected to generate $9.9 billion in net sales in 2025, representing 56% of Corteva's total net sales [10][17] Transaction Details - The separation is expected to be completed in the second half of 2026 and is intended to qualify as a tax-free transaction for U.S. federal tax purposes [6][10][11] - The transaction is subject to various conditions, including board approval and legal opinions regarding its tax-free nature [11] Leadership and Management - Current Corteva Chair Greg Page will lead New Corteva, while CEO Chuck Magro will head SpinCo, with full management teams to be announced later [3][4]

Financial Performance - Q2 2025 - Net sales increased by 6% to $6.456 billion compared to $6.112 billion in 2Q 2024[35] - Operating EBITDA increased by 13% to $2.164 billion with an Operating EBITDA margin of 33.5%, a 215 bps increase[35] - Operating EPS increased by 20% to $2.20[35] Financial Performance - 1H 2025 - Net sales increased by 3% to $10.873 billion compared to $10.604 billion in 1H 2024[20, 94] - Operating EBITDA increased by 14% to $3.353 billion with an Operating EBITDA margin of 30.8%, a 301 bps increase[20, 92] Segment Performance - Seed - Seed net sales for 2Q 2025 increased by 5% to $4.537 billion[38] - Seed Operating EBITDA margin for 2Q 2025 was 41.1%, an increase of 186 bps[38] - Seed net sales for 1H 2025 increased by 2% to $7.244 billion[50] - Seed Operating EBITDA margin for 1H 2025 was 37.3%, an increase of 280 bps[50] Segment Performance - Crop Protection - Crop Protection net sales for 2Q 2025 increased by 8% to $1.919 billion[60] - Crop Protection Operating EBITDA margin for 2Q 2025 was 17.4%, an increase of 309 bps[60] - Crop Protection net sales for 1H 2025 increased by 3% to $3.629 billion[69] - Crop Protection Operating EBITDA margin for 1H 2025 was 19.6%, an increase of 355 bps[69] FY 2025 Guidance - Revised Operating EBITDA guidance to $3.75 - $3.85 billion, a 13% increase at the mid-point[27] - Expecting ~150 bps improvement in Operating EBITDA margin[12, 27] - Operating EPS guidance revised to $3.00 - $3.20, a 21% increase at the mid-point[27] - Free Cash Flow Conversion expected to be ~50%[27]

Financial Performance - For Q2 2025, net sales reached $6.46 billion, a 6% increase compared to Q2 2024, with organic sales up 7% [11][8] - GAAP income from continuing operations was $1.38 billion, translating to an EPS of $2.02, while operating EBITDA was $2.16 billion, reflecting a 13% increase year-over-year [10][2] - For the first half of 2025, net sales totaled $10.87 billion, a 3% increase from the same period in 2024, with organic sales up 5% [7][2] Segment Performance - Seed segment net sales for Q2 2025 were $4.54 billion, up from $4.33 billion in Q2 2024, driven by a 3% increase in volume and a 3% increase in price [12][17] - Crop Protection segment net sales were approximately $1.92 billion in Q2 2025, reflecting an 11% increase in volume, although offset by a 2% price decline [20][21] - For the first half of 2025, Crop Protection net sales were approximately $3.63 billion, an 8% volume increase compared to the same period in 2024 [24][25] Market Outlook and Guidance - The company raised its full-year 2025 guidance, expecting net sales between $17.6 billion and $17.8 billion, with operating EBITDA projected at $3.75 billion to $3.85 billion [30][8] - The outlook for the Crop Protection market remains stable, with expectations of double-digit volume gains despite low-single-digit pricing headwinds [28][29] - Global corn area is projected to increase by 5% in North America, driven by favorable economics compared to other crops [27][8] Strategic Initiatives - The company plans to repurchase approximately $1 billion of shares during 2025, reflecting strong cash flow and balance sheet [6][30] - Continued focus on cost discipline and operational excellence has led to margin expansion and improved profitability [5][6] - The company emphasizes the importance of top-tier seed and crop protection technologies to meet global demand for grain and oilseeds [27][8]

Core Viewpoint - Analysts forecast that Corteva, Inc. (CTVA) will report quarterly earnings of $1.89 per share, reflecting a year-over-year increase of 3.3%, with anticipated revenues of $6.23 billion, showing a 1.9% increase compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised upward by 3.1% in the past 30 days, indicating a reassessment by covering analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Forecasts - Analysts predict 'Revenue- Seed' at $4.46 billion, a change of +3.1% year-over-year [5]. - 'Revenue- Crop Protection' is expected to be $1.80 billion, reflecting a +1% change from the prior year [5]. - 'Revenue- Crop Protection- Other' is forecasted to reach $88.17 million, indicating a significant decline of -48.1% year-over-year [5]. - 'Revenue- Seed- Other' is estimated at $168.43 million, showing a +16.2% increase from the previous year [6]. - 'Revenue- Crop Protection- Herbicides' is projected at $951.43 million, a slight increase of +0.6% [6]. - 'Revenue- Crop Protection- Insecticides' is expected to be $413.11 million, reflecting a -0.5% change [7]. - 'Revenue- Crop Protection- Fungicides' is forecasted at $261.53 million, indicating a +4.6% change [7]. - 'Revenue- Seed- Soybean' is estimated at $1.31 billion, showing a -0.4% change [7]. - 'Revenue- Seed- Corn' is projected at $2.74 billion, reflecting a +2% change [8]. - 'Revenue- Seed- Other oilseeds' is expected to reach $218.94 million, indicating a +17.7% change [8]. Operating Metrics - 'Operating EBITDA- Seed' is expected to be $1.77 billion, compared to $1.70 billion from the previous year [8]. - 'Operating EBITDA- Crop Protection' is projected at $249.65 million, down from $255.00 million reported in the same quarter last year [9]. Stock Performance - Corteva, Inc. shares have decreased by -6.5% in the past month, contrasting with the Zacks S&P 500 composite's +2.3% performance [10].

Core Viewpoint - Corteva, Inc. has announced a common stock dividend of $0.18 per share, marking an annual increase of nearly 6% over the previous quarterly dividend, payable on September 15, 2025 [1][2] Group 1: Dividend Announcement - The dividend of $0.18 per share is authorized by Corteva's Board of Directors and will be paid to shareholders of record on September 2, 2025 [1] - This marks Corteva's fifth dividend increase since its 2019 spin-off, reflecting the company's commitment to returning capital to shareholders [2] Group 2: Company Strategy and Performance - Corteva focuses on margin expansion and sustainable long-term growth through innovation, customer engagement, and disciplined operational execution [2] - The company aims to address pressing agricultural challenges with a balanced mix of seed, crop protection, and digital products and services [4] - Corteva's unique distribution strategy and recognized brands contribute to its market preference and growth potential [4]

Company Overview - Corteva, Inc. is a global pure-play agriculture company focused on delivering solutions for significant agricultural challenges through innovation and customer engagement [3] - The company has a diverse mix of seed, crop protection, and digital products and services, supported by a unique distribution strategy [3] - Corteva aims to maximize productivity for farmers while collaborating with stakeholders in the food system to ensure sustainable progress [3] Upcoming Event - CEO Chuck Magro and CFO David Johnson will present at Wolfe's second annual Materials of the Future conference on June 17, 2025, at 12:20 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 post-event until September 17, 2025 [2]

Investment Rating - The report maintains a positive outlook on cement, copper, and incrementally positive on steel and aluminium, while holding a negative view on coal and lithium [1][9]. Core Insights - Earnings estimates for China commodities have been refreshed, reflecting mark-to-market price changes for 1H25, with target price changes ranging from -13% to +12% [1][9]. - The report highlights a positive outlook for hog pricing/margin in 2H25E due to improved supply discipline [1][9]. Summary by Sector Steel - Earnings forecasts for Baosteel and Angang have been revised up by 1-4% for 2025E, while the loss-making forecast for Maanshan has been cut by 11% [10]. - Maintain Buy on Baosteel with a new target price of Rmb8.8/sh [10]. Coal - The thermal coal market is expected to remain balanced in 2025E, with a decline in demand driven by renewable energy expansion [11]. - Earnings forecasts for Shenhua, Chinacoal, and Yankuang have been cut by 2-11% for 2025E and 10-27% for 2026-27E [12]. Cement - Unit gross profit forecasts for cement have been revised down by Rmb2-6/t for 2025E, but a positive view is maintained for 2H25E due to supply discipline [13]. - Earnings estimates for CNBM, WCC, BBMG-H/A, Conch-H/A, and CRBMT have been cut by 6% to 18% for 2025E [14]. Aluminum - Earnings estimates for Hongqiao have been revised up by 5-27% for 2025-27E, reflecting higher industry spread forecasts [17]. - Maintain Neutral on Hongqiao with a target price of HK$12.5/sh [17]. Copper - The benchmark copper price forecast has been revised to an average of US$4.20/lb in 2025E and US$4.61/lb in 2026E [18]. - Earnings estimates for CMOC-H/A, JXC-H/A, and MMG have been cut by 1-18% for 2025-26E [18]. Lithium - Earnings estimates for Ganfeng, Tianqi, and Yongxing have been cut by 3-4% for 2025E due to lower lithium prices [20]. - Yongxing's 2027E earnings have been cut by 37% based on flat lithium price forecasts [20]. Paper - Earnings forecasts for ND Paper have been revised up by 3-4%, while Sunpaper's earnings have been cut by 3% [22].

Core Viewpoint - Corteva, Inc. is set to release its second quarter 2025 earnings on August 6, 2025, with a live webcast presentation scheduled for August 7, 2025 [1][2]. Company Overview - Corteva, Inc. is a global pure-play agriculture company focused on delivering innovative solutions to address significant agricultural challenges [3]. - The company employs a unique distribution strategy and offers a balanced mix of seed, crop protection, and digital products and services [3]. - Corteva aims to maximize productivity for farmers while collaborating with stakeholders across the food system to ensure sustainable progress [3].

Group 1 - The Mark Cuban Foundation is collaborating with Corteva to host an AI Bootcamp aimed at underserved high school students in Indianapolis and Des Moines [1][3] - The program will provide students with foundational knowledge of artificial intelligence and its applications across various career tracks, including healthcare, arts, business, computer science, sports science, and education [3][4] - The AI Bootcamp is free and focuses on underrepresented communities, offering lunch, transportation assistance, and technology equipment to participants [4][5] Group 2 - Corteva, a global pure-play agriculture company, is leveraging AI tools in its innovation pipeline to enhance seed and crop protection products for farmers [3][8] - The AI Bootcamp is part of Corteva's commitment to community engagement and education, aiming to prepare students for future opportunities in technology [5][8] - Corteva hosted a similar camp last year and is one of over 25 companies participating in the 2025 bootcamp initiative across the U.S. [6]