NYSE$CTVA
Corteva Inc · Q3 2020 earnings
Q3 2020 earnings · · Investor relations
Briefing
Corteva reported a decrease in net sales but an increase in organic sales for the third quarter of 2020. The company saw growth in crop protection sales, offset by a decline in seed sales due to timing shifts in North America. Cost synergies and productivity efforts contributed to margin expansion.
Corteva's third-quarter results showed a mixed performance with a 3% decrease in net sales, totaling $1.86 billion, but a 9% increase in organic sales. The company experienced a GAAP loss of $(390) million, or $(0.52) per share. Crop Protection net sales grew by 9%, while Seed net sales decreased by 23%. The company is affirming its full-year guidance for 2020.
- Net sales decreased by 3% compared to the prior year, while organic sales increased by 9%.
- GAAP loss from continuing operations was $(390) million, with an EPS of $(0.52).
- Crop Protection net sales increased by 9%, driven by volume and price improvements.
- Seed net sales decreased by 23% due to timing shifts in North America.
Headline financials
Revenue & EPS history
Corteva · Revenue · Quarterly
$1.86B
Revenue by segment
Corteva · $1.86B total across 2 segments · Q3 2020
- Crop Protection$1.34B+8.9%71.9%
- Seed$523M-23.2%28.1%
Forward guidance
Corteva affirmed its previously provided guidance for the full year 2020. Corteva expects net sales growth of 1-2% for the year. Operating EBITDA is expected to be in the range of $1.9 billion to $2 billion and operating EPS range is expected to be between $1.25 and $1.45 per share.
Tailwinds
- Net sales growth of 1-2% is expected
- Operating EBITDA1 is expected to be in the range of $1.9 billion to $2 billion
- Operating EPS1 range is expected to be between $1.25 and $1.45 per share
- Company expects to make solid progress on the authorized share repurchase program by the end of the year
- Company now expects to complete the repurchase program by the end of 2021, six months ahead of the initial timeline
Headwinds
- Outlook does not contemplate any operational disruptions
- Outlook does not contemplate significant changes in customers’ demand or ability to pay
- Outlook does not contemplate further acceleration of currency impacts resulting from the COVID-19 pandemic
- Outlook does not contemplate political instability
- Corteva is not able to reconcile its forward-looking non-GAAP financial measures to its most comparable U.S. GAAP financial measures
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 Q3 2020
-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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