Corteva(US:CTVA)2024-11-07 13:34Financial Performance - Q3 2024 - Net sales decreased by 10% to $2326 million compared to $2590 million in 3Q 2023[80] - Operating EBITDA was $(100) million, a decrease of 656% compared to $18 million in 3Q 2023[80] - Operating EBITDA margin was (43)%, a decrease of 499 bps compared to 07% in 3Q 2023[80] - Operating EPS decreased by 113% to $(049) compared to $(023) in 3Q 2023[80] Financial Performance - Year-to-Date 2024 - Net sales decreased by 4% to $129 billion compared to $132 billion YTD[33,49] - Organic sales decreased by 5% YTD[39] - Operating EBITDA decreased by 5% to $25 billion YTD[41,44] - Operating EBITDA margin decreased by 10 bps to 220% YTD[46] Updated FY 2024 Outlook - Operating EBITDA is expected to be $335 - $345 billion, with an EBITDA margin of approximately 20% at the mid-point[28] - Free cash flow is reaffirmed at $15 - $20 billion[28] - Approximately $1 billion in share repurchases are expected for FY 2024[28] Preliminary View of 2025 - The company anticipates double-digit EBITDA growth and margin expansion in FY2025[30] - FY2025 Operating EBITDA is projected to be between $36 billion and $40 billion, with an Operating EBITDA Margin of approximately 220%[71] - Net Sales are expected to be $173 - $177 billion[70]