Corteva Inc · Q1 2021 earnings

Briefing

Corteva's first quarter results for 2021 reflected strong execution with increased sales and substantial Operating EBITDA growth.

Corteva reported strong first quarter results with net sales of $4.18 billion, a 6% increase compared to the prior year. The company's GAAP EPS was $0.81, up 125% from Q1 2020, and non-GAAP Operating EPS was $0.79, a 34% increase. Operating EBITDA increased by 14% to $904 million. Management increased full year 2021 net sales guidance to a range of $14.6 to $14.8 billion and affirmed full year 2021 Operating EBITDA guidance in the range of $2.4 billion to $2.5 billion.

• Net sales and organic sales both increased 6% versus prior year, with gains reported in most regions, led by double-digit growth in Latin America.
• Crop Protection net sales and organic sales both grew 12%, with double-digit net sales increases in every region.
• Seed net sales rose 2% and organic sales grew 3% year over year, driven by continued new product penetration and local price gains.
• Strong price execution and volume gains drove an Operating EBITDA increase of 14% to $904 million versus the same quarter last year.

Headline financials

Revenue & EPS history

The Company increased its previously provided net sales guidance for the full year 2021 and now expects net sales in the range of $14.6 to $14.8 billion. Corteva affirmed its previously provided earnings guidance. Operating EBITDA is expected to be in the range of $2.4 billion to $2.5 billion and operating EPS range is expected to be between $1.85 and $1.95 per share.