Summary
Corteva, Inc. reported first quarter 2024 net sales of $4,492 million, a decrease of 8% compared to the prior year, primarily driven by a 9% decrease in volume, partially offset by a 3% increase in price. Net income attributable to Corteva was $419 million, or $0.60 per share, down from $595 million, or $0.84 per share, in the first quarter of 2023. The decline in earnings was influenced by lower sales volumes, increased R&D expenses, and higher restructuring charges related to the Crop Protection Operations Strategy Restructuring Program. The company is reaffirming its full-year 2024 outlook, expecting net sales between $17.4 billion and $17.7 billion and Operating EBITDA between $3.5 billion and $3.7 billion. Despite the year-over-year decline in the first quarter, management anticipates market growth in the second half of 2024, particularly in the Crop Protection segment, and continues to focus on cost and productivity improvements. Corteva also returned approximately $365 million to shareholders through share repurchases and dividends in the first quarter.
Financial Highlights
54 data points| Revenue | $4.49B |
| Cost of Revenue | $2.55B |
| Gross Profit | $1.94B |
| R&D Expenses | $332.00M |
| SG&A Expenses | $736.00M |
| Net Income | $419.00M |
| EPS (Basic) | $0.60 |
| EPS (Diluted) | $0.60 |
| Shares Outstanding (Basic) | 700.40M |
| Shares Outstanding (Diluted) | 702.80M |
Key Highlights
- 1Net sales for Q1 2024 decreased by 8% to $4,492 million compared to Q1 2023, driven primarily by a 9% volume decline, partially offset by a 3% price increase.
- 2Net income attributable to Corteva decreased to $419 million ($0.60 per share) in Q1 2024 from $595 million ($0.84 per share) in Q1 2023.
- 3Operating EBITDA (Non-GAAP) was $1,034 million for Q1 2024, down from $1,231 million in Q1 2023, reflecting lower volumes and increased costs.
- 4The Seed segment saw a 2% increase in net sales to $2,751 million, driven by a 6% price increase, while the Crop Protection segment's net sales decreased by 20% to $1,741 million due to lower volumes and pricing pressure.
- 5Corteva reaffirmed its full-year 2024 financial outlook, projecting net sales between $17.4 billion and $17.7 billion and Operating EBITDA between $3.5 billion and $3.7 billion.
- 6The company returned approximately $365 million to shareholders in Q1 2024 through share repurchases ($250 million) and dividends ($112 million).
- 7Restructuring and asset-related charges increased to $75 million in Q1 2024, primarily related to the Crop Protection Operations Strategy Restructuring Program.