01—Abstract
Summary
Summary of the 10-K filed February 14, 2025. Cited figures are marked; the original filing is the authoritative source.
Corteva, Inc. reported net sales of $16.9 billiona for the year ended December 31, 2024, a 2% decrease compared to the prior year.
This decline was primarily attributed to a 1%b decrease in price and a 3% unfavorable currency impact, partially offset by a 2% increase in volume. The company's Seed segment saw a 1% increase in net sales, driven by price gains and volume growth in key regions like Brazil and North America. Conversely, the Crop Protection segment experienced a 5% decrease in net sales due to lower pricing and unfavorable currency impacts, despite a 3% volume increase.
The company returned approximately $1.5 billionc to shareholders through share repurchases and dividends in 2024. Corteva is focused on delivering innovative technology, accelerating innovation to farmers, and deploying capital with discipline. Despite a slight revenue dip, Corteva demonstrated resilience through operational execution and strategic investments, such as the acquisitions of Stoller and Symborg in the biologicals space.
The company continues to manage its cost structure effectively, with COGS decreasing by $391 milliond year-over-year, largely due to favorable currency effects and productivity actions. Looking ahead, Corteva remains committed to its value creation framework and delivering differentiated solutions to farmers.
02—Key points
Key Highlights
- Net sales for the year ended December 31, 2024, were $16.9 billion, a decrease of 2% from 2023.
- Seed segment net sales increased 1% to $9.5 billion, while Crop Protection segment net sales decreased 5% to $7.4 billion.
- Operating EBITDA was $3.4 billion, largely consistent with the prior year.
- The company returned approximately $1.5 billion to shareholders in 2024 through share repurchases and dividends.
- Corteva completed the acquisitions of Stoller Group Inc. and Quorum Vital Investment, S.L. (Symborg) in March 2023 to bolster its biologicals portfolio.
- The company's Crop Protection Operations Strategy Restructuring Program is expected to yield $180 million in savings by 2027.
- EIDP, Inc., a subsidiary of Corteva, identified a material weakness in internal control over financial reporting related to cash flow classification for intercompany transactions, leading to a restatement of its 2023 financial statements.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 14, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $16.91B$17.23B | −1.8% |
| Cost of Revenue | $9.53B$9.92B | −3.9% |
| Gross Profit | $7.38B$7.31B | +1.0% |
| R&D Expenses | $1.40B$1.34B | +4.9% |
| SG&A Expenses | $3.20B$3.18B | +0.6% |
| Net Income | $919.00M$735.00M | +25.0% |
| EPS (Basic) | $1.31$1.04 | +26.0% |
| EPS (Diluted) | $1.30$1.03 | +26.2% |
| Shares Outstanding (Basic) | 693.70M709.00M | −2.2% |
| Shares Outstanding (Diluted) | 696.00M711.90M | −2.2% |
05—Questions
Frequently Asked Questions
What was Corteva's financial performance in 2024?
Corteva reported net sales of $16.9 billion for the year ended December 31, 2024, a 2% decrease compared to 2023, primarily driven by lower pricing and unfavorable currency impacts, partially offset by volume increases. Operating EBITDA remained stable at $3.4 billion.
How did the Seed and Crop Protection segments perform?
The Seed segment saw a slight increase in net sales (1%) driven by pricing and volume recovery in key markets. The Crop Protection segment experienced a 5% decline in net sales due to pricing pressures and currency headwinds, despite positive volume growth.
What are Corteva's key strategic priorities?
Corteva's priorities include focusing on execution through its four key catalysts (technology delivery, royalty neutrality, product mix improvement, operational enhancements), delivering innovation to farmers faster, and deploying capital with discipline, prioritizing investments, growth opportunities, and returning cash to shareholders.
Are there any material weaknesses in internal controls reported?
Yes, EIDP, Inc., a subsidiary of Corteva, identified a material weakness in its internal control over financial reporting related to the classification of intercompany cash flows. This led to a restatement of its 2023 financial statements and impacts its 2024 interim reporting. Corteva, Inc. itself concluded that its disclosure controls and procedures were effective.
06—Continue