NYSE$CTVA
Corteva Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Corteva reported a solid start to 2023 with sales and earnings growth driven by differentiated portfolio and strong execution.
Corteva's first quarter 2023 results showed a 6% increase in net sales compared to the prior year, with gains in both segments. GAAP EPS was $0.84, while non-GAAP operating EPS was $1.16. The company raised its full-year guidance, including the impact of biologicals acquisitions.
- Net sales rose 6% versus prior year, with organic sales increasing 10%, led by EMEA and North America.
- Seed net sales grew 7%, with price gains driven by the company’s price for value strategy.
- Crop Protection net sales grew 5%, led by value capture in EMEA, with price gains reflecting strong execution in response to cost inflation.
- GAAP EPS was $0.84 per share, and Operating EPS was $1.16 per share, with strong price execution and product mix offsetting inflation and currency headwinds.
Headline financials
Revenue & EPS history
Corteva · Revenue · Quarterly
$4.88B
Revenue by segment
Corteva · $4.88B total across 2 segments · Q1 2023
- Seed$2.7B+6.8%55.2%
- Crop Protection$2.19B+5.4%44.8%
Forward guidance
Corteva updated its full-year 2023 guidance, increasing sales and earnings expectations, including the impact of its Biologicals acquisitions. The company expects net sales in the range of $18.6 billion to $18.9 billion, Operating EBITDA in the range of $3.55 billion to $3.75 billion, and Operating EPS in the range of $2.80 to $3.00 per share.
Tailwinds
- Net sales are expected to be in the range of $18.6 billion to $18.9 billion, representing a growth of 7% at the mid-point.
- Operating EBITDA is projected to be in the range of $3.55 billion to $3.75 billion, indicating a growth of 13% at the mid-point.
- Operating EPS is anticipated to be in the range of $2.80 to $3.00 per share, reflecting a growth of 9% at the mid-point.
- The increased guidance includes the impact of the Biologicals acquisitions, enhancing the company's growth prospects.
- The outlook for agriculture remains robust in 2023, with record demand for grain and oilseeds.
Headwinds
- The company is not able to reconcile its forward-looking non-GAAP financial measures to its most comparable U.S. GAAP financial measures.
- Forecasted higher effective tax rate.
- Forecasted higher interest expense.
- Dynamic weather conditions around the world.
- Ending stocks continue to be under pressure.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
-0.1%
Avg return
Earnings day
+0.4%
Avg return
5 days after
+1.0%
Avg return
30 days after
59%
20 / 34 earnings
Positive
+18.0%
Q4 2023
Best reaction
-13.9%
Q4 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.8% | -3.5% | -8.1% | |
| Q4 2025 | +0.9% | -1.9% | +2.6% | |
| Q3 2025 | +1.8% | +4.9% | +5.6% | |
| Q2 2025 | -0.2% | +1.8% | +1.8% | |
| Q1 2025 | +7.0% | +8.7% | +14.7% | |
| Q4 2024 | -2.3% | -1.3% | -5.1% | |
| Q3 2024 | -5.0% | -5.2% | -3.7% | |
| Q2 2024 | -4.6% | -7.6% | +3.2% | |
| Q1 2024 | +5.3% | +4.1% | +3.3% | |
| Q4 2023 | +18.0% | +13.0% | +17.1% | |
| Q3 2023 | -9.7% | -8.1% | -8.4% | |
| Q2 2023 | +0.2% | -3.1% | -8.6% | |
| Q1 2023 | -6.2% | -5.0% | -7.8% | |
| Q4 2022 | -3.8% | -5.8% | -1.2% | |
| Q3 2022 | -2.3% | +0.4% | +0.6% | |
| Q2 2022 | +3.9% | +7.2% | +9.9% | |
| Q1 2022 | +1.4% | -7.3% | +8.3% | |
| Q4 2021 | +1.3% | +3.4% | +7.4% | |
| Q3 2021 | +10.6% | +8.6% | +7.5% | |
| Q2 2021 | +5.9% | +7.9% | +6.3% | |
| Q1 2021 | -4.1% | -1.7% | -7.5% | |
| Q4 2020 | +2.8% | +5.1% | +8.1% | |
| Q3 2020 | +3.1% | +5.2% | +17.4% | |
| Q2 2020 | -11.3% | -6.2% | +2.7% | |
| Q1 2020 | +1.0% | -6.9% | +17.1% | |
| Q3 2017 | +2.6% | +3.0% | -18.9% | |
| Q4 2017 | +2.6% | +3.0% | -18.9% | |
| Q4 2019 | +4.0% | +11.3% | -2.2% | |
| Q3 2018 | -4.7% | -6.6% | -5.3% | |
| Q3 2019 | -4.7% | -6.6% | -5.3% | |
| Q2 2018 | +2.5% | +5.8% | -4.8% | |
| Q2 2019 | +6.6% | +1.9% | -0.6% | |
| Q1 2019 | -13.9% | -2.7% | +2.7% | |
| Q4 2018 | -13.9% | -2.7% | +2.7% | |
| Q1 2018 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — |
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