NYSE$CTVA
Corteva Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Corteva's Q4 2023 earnings were impacted by volume declines, particularly in Latin America, though operating EBITDA saw an increase.
Corteva's fourth-quarter 2023 results showed a decrease in net sales and a GAAP loss, but operating EBITDA improved. The decline was attributed to volume decreases, especially in Latin America, while price increases partially offset the negative impact. The company provided 2024 guidance, expecting net sales and operating EBITDA growth.
- Net sales decreased by 3% compared to the same period last year, with organic sales declining by 8%.
- GAAP income from continuing operations after income taxes was a loss of $231 million, compared to a loss of $41 million in the prior year.
- Operating EBITDA increased by 4% compared to the prior year, reaching $386 million.
- Seed net sales decreased slightly, driven by a volume decline, while Crop Protection net sales also declined due to lower volume and price.
Headline financials
Revenue & EPS history
Corteva · Revenue · Quarterly
$3.71B
Revenue by segment
Corteva · $2.59B total across 2 segments · Q3 2023
- Crop Protection$1.71B-10.6%66.1%
- Seed$878M+1.9%33.9%
Forward guidance
Corteva provided full-year 2024 guidance and expects net sales in the range of $17.4 billion to $17.7 billion, Operating EBITDA to be in the range of $3.5 billion to $3.7 billion, and Operating EPS to be in the range of $2.70 to $2.90 per share.
Tailwinds
- Net sales are expected to be in the range of $17.4 billion to $17.7 billion, growth of 2% at the mid-point.
- Operating EBITDA is expected to be in the range of $3.5 billion to $3.7 billion, growth of 6% at the mid-point.
- Operating EPS is expected to be in the range of $2.70 to $2.90 per share, up 4% at the mid-point.
- Cash provided by operating activities – continuing operations is expected to be in the range of $2.1 billion to $2.6 billion.
- Free cash flow is expected to be in the range of $1.5 billion to $2.0 billion.
Headwinds
- Guidance reflects higher earnings partially offset by interest expense and a higher base tax rate.
- The Crop Protection industry is working to rebalance after the significant destocking in 2023.
- The company is not able to reconcile its forward-looking non-GAAP financial measures to its most comparable U.S. GAAP financial measures.
- Uncertainties related to Significant Items.
- The global outlook for agriculture remains constructive overall in 2024.
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 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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