Corteva Inc · Q3 2023 earnings

Briefing

Corteva's third quarter results reflected a decrease in net sales and a loss from continuing operations, impacted by volume declines and strategic product exits, while price increases partially offset the declines.

Corteva reported a 7% decrease in net sales for the third quarter of 2023, with a GAAP loss from continuing operations of $315 million and a non-GAAP operating EPS of $(0.23). The sales decline was attributed to lower volumes, particularly in the Crop Protection segment, although price increases partially mitigated the impact. Management has affirmed the full-year net sales and earnings guidance.

• Net sales decreased 7% versus the same period last year.
• Organic sales declined 13%.
• Volume declined 15% versus the prior-year period driven by strategic product exits and ongoing headwinds in the Crop Protection segment.
• GAAP income from continuing operations after income taxes was a loss of $315 million.

Headline financials

Revenue & EPS history

Corteva expects net sales in the range of $17.0 billion to $17.3 billion, down 2% versus prior year at the mid-point. Operating EBITDA is expected to be in the range of $3.25 billion to $3.45 billion, growth of 4% at the mid-point. Operating EPS is expected to be in the range of $2.50 to $2.70 per share, down 3% at the mid-point.