NYSE$CTVA
Corteva Inc · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Corteva reported mixed results for Q4 2022, with net sales up but a GAAP loss from continuing operations.
Corteva's Q4 2022 results showed a 10% increase in net sales, driven by price increases, but the company reported a GAAP loss from continuing operations of $41 million. Operating EBITDA increased by 41% compared to the prior year. The company provided full-year 2023 guidance, expecting net sales in the range of $18.1 billion to $18.4 billion.
- Net sales increased by 10% compared to the same period last year, with organic sales rising by 11%.
- GAAP loss from continuing operations after income taxes was $41 million, compared to income of $155 million in the fourth quarter of 2021.
- Operating EBITDA for the fourth quarter was $370 million, up 41% compared to the prior year.
- The company expects net sales in the range of $18.1 billion to $18.4 billion for full-year 2023.
Headline financials
Revenue & EPS history
Corteva · Revenue · Quarterly
$3.83B
Revenue by segment
Corteva · $3.83B total across 2 segments · Q4 2022
- Crop Protection$2.18B+4.4%57.0%
- Seed$1.65B+18.2%43.0%
Forward guidance
Corteva provided guidance for the full-year 2023, expecting net sales in the range of $18.1 billion to $18.4 billion. Operating EBITDA is expected to be in the range of $3.4 billion to $3.6 billion. Operating EPS is expected to be in the range of $2.70 to $2.90 per share.
Tailwinds
- The outlook for agriculture remains robust in 2023, with record demand for grain and oilseeds as ending stocks continue to be under pressure.
- Commodity prices are above historical averages.
- Farmer balance sheets and income levels remain healthy, leading farmers to prioritize technology to maximize return.
- The Company expects an increase in U.S. planted area.
- Operating EBITDA1 is expected to be in the range of $3.4 billion to $3.6 billion, growth of 9% at the mid-point.
Headwinds
- Forecasted higher effective tax rate
- Forecasted higher interest expense
- Volume declined 1% versus the prior-year period, largely driven by lower Pioneer corn deliveries in North America
- The decision to exit Russia, and the war in Ukraine
- Wet weather and low pest pressure in Asia Pacific and drought conditions in Latin America
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 Q4 2022
-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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