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10-QPeriod: Q3 FY2024

EIDP, Inc. Quarterly Report for Q3 Ended Sep 30, 2024

Filed November 7, 2024For Securities:CTA-PBCTA-PA

Summary

EIDP, Inc. (CTA-PB), filed its Form 10-Q for the period ending September 29, 2024. The company reported a net loss of $521 million for the third quarter of 2024, a significant increase from the $318 million loss reported in the same period of the prior year. This widening loss was primarily driven by a 10% decrease in net sales, which fell to $2.326 billion from $2.590 billion year-over-year. The decline in sales was attributed to an 8% decrease in price and a 5% unfavorable currency impact, partially offset by a 3% increase in volume. Both the Seed and Crop Protection segments experienced sales declines, with Seed sales down 21% and Crop Protection sales down 4% year-over-year for the quarter. Despite the quarterly loss, the year-to-date performance shows a net income of $958 million for the first nine months of 2024, compared to $998 million in the prior year. The company also provided an outlook for the full year 2024, expecting net sales between $17.0 billion and $17.2 billion and Operating EBITDA between $3.35 billion and $3.45 billion. Significant restructuring charges related to the Crop Protection Operations Strategy Restructuring Program continue to impact the financials, with expected aggregate pre-tax charges between $650 million and $700 million.

Key Highlights

  • 1The company reported a net loss of $521 million for the three months ended September 30, 2024, compared to a net loss of $318 million for the same period in 2023.
  • 2Net sales decreased by 10% to $2.326 billion in the third quarter of 2024, driven by lower prices and unfavorable currency impacts, partially offset by increased volume.
  • 3The Seed segment experienced a significant 21% decline in net sales for the third quarter, largely due to reduced corn planted area in Argentina and pricing pressures.
  • 4The Crop Protection segment's net sales decreased by 4% in the third quarter, despite an 11% increase in volume, due to competitive pricing and unfavorable currency effects.
  • 5Restructuring and asset-related charges increased to $32 million in the third quarter of 2024, up from $2 million in the prior year, primarily related to the Crop Protection Operations Strategy Restructuring Program.
  • 6Full-year 2024 outlook projects net sales between $17.0 billion and $17.2 billion and Operating EBITDA between $3.35 billion and $3.45 billion.

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