Corteva Inc · Q4 2020 earnings

Briefing

Corteva reported strong sales and earnings growth in Q4 and for the year, driven by new products and cost management, despite market volatility and currency headwinds.

Corteva's Q4 2020 results showed an 8% increase in net sales and a significant 336% increase in GAAP income from continuing operations after tax. The company's performance was driven by the adoption of new technologies in Seed and Crop Protection, as well as cost and productivity actions, which offset negative impacts from currency and divestitures.

• Net sales increased by 8% compared to the same period last year, with organic sales increasing by 16%.
• Volume grew by 10% versus the prior-year period, driven primarily by continued adoption of new and differentiated Crop Protection products.
• GAAP income from continuing operations after income taxes was $99 million.
• Operating EBITDA increased by 5% compared to the same period last year.

Headline financials

Revenue & EPS history

Corteva expects net sales in the range of $14.4 billion to $14.6 billion, which at the mid-point represents expected net sales growth of 2% for the year and organic sales growth of 3% for the year. 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.