4Q 2024 Earnings Conference Call February 6, 2025 Safe Harbor Regarding Forward-Looking Statements Forward-Looking Statements This presentation contains certain estimates and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and ...

Financial Performance - Corteva, Inc. reported quarterly earnings of $0.32 per share, missing the Zacks Consensus Estimate of $0.34 per share, but showing an increase from $0.15 per share a year ago, representing an earnings surprise of -5.88% [1] - The company posted revenues of $3.98 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.80% and increasing from $3.71 billion year-over-year [2] Market Performance - Corteva, Inc. shares have increased approximately 15.3% since the beginning of the year, outperforming the S&P 500's gain of 2.7% [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.04 on revenues of $4.54 billion, and for the current fiscal year, it is $3.21 on revenues of $17.25 billion [7] - The estimate revisions trend for Corteva, Inc. is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Agriculture - Operations industry, to which Corteva belongs, is currently in the top 25% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

Financial Performance - Net sales for Q4 2024 reached $3,978 million, a 7.3% increase from $3,707 million in Q4 2023[2] - Net income attributable to Corteva for the twelve months ended December 31, 2024, was $907 million, compared to a loss of $253 million in the previous year[2] - Basic earnings per share from continuing operations for Q4 2024 was $(0.08), an improvement from $(0.33) in Q4 2023[2] - For the full year 2024, Net Sales totaled $16,908 million, with Organic Sales at $17,398 million, reflecting a 3% increase year-over-year[10] - Income from continuing operations before income taxes for Q4 2024 was $88 million, compared to a loss of $323 million in Q4 2023, representing a significant improvement[45] Sales and Revenue - Net Sales for Q4 2024 reached $3,978 million, a 7% increase compared to Q4 2023, with Organic Sales at $4,194 million, reflecting a 13% growth[10] - Corteva's net sales in North America for seeds increased to $639 million in Q4 2024 from $576 million in Q4 2023[8] - The Crop Protection segment saw a 6% increase in Net Sales to $134 million in Q4 2024, with Organic Sales growing by 11%[16] - North America contributed $66 million to Net Sales in Q4 2024, representing a 4% increase, while EMEA experienced a 21% increase with $77 million in sales[14] - Total crop protection net sales decreased by $391 million, a 5% decline, with herbicides down $435 million, an 11% decline[26] Expenses and Costs - Research and development expenses for Q4 2024 were $365 million, slightly up from $357 million in Q4 2023[2] - Corporate Expenses for Q4 2024 were $29 million, slightly higher than $26 million in Q4 2023, indicating a controlled increase in overhead costs[10] - The company reported significant items totaling a pre-tax loss of $315 million for the year, with crop protection segment losses at $175 million[29] - Restructuring and asset-related charges for the year amounted to $315 million, impacting earnings per share by $0.50[29] Cash Flow and Assets - Cash provided by operating activities for the twelve months ended December 31, 2024, was $2,145 million, up from $1,769 million in 2023[6] - The company reported a significant increase in cash and cash equivalents, rising to $3,422 million in 2024 from $3,158 million in 2023[6] - Total assets decreased to $40,825 million in 2024 from $42,996 million in 2023[4] - Free Cash Flow for the twelve months ended December 31, 2024, was $1,699 million, an increase of 39.9% from $1,214 million in 2023[52] Taxation - The effective income tax rate (GAAP) for Q4 2024 was 156.8%, compared to 28.5% in Q4 2023, indicating a substantial increase[45] - The base income tax rate from continuing operations (Non-GAAP) for the twelve months ended December 31, 2024, was 22.8%, up from 20.3% in 2023[45] - The company recognized a $(120) million tax charge in the fourth quarter 2024 related to a valuation allowance against net deferred tax assets in Brazil[35] Future Outlook - Future outlook remains positive with expectations of continued growth in both Seed and Crop Protection segments, supported by ongoing product innovation and market expansion strategies[10] - Future guidance indicates a cautious outlook due to ongoing market challenges and restructuring efforts, with expectations for gradual recovery in sales[30] Regional Performance - Latin America showed a $16 million decrease in crop protection sales, a 1% decline, but saw a 6% increase in seed sales, up $132 million[23] - The Asia Pacific region reported a $22 million increase in crop protection sales, a 2% growth, and a 5% increase in seed sales, up $43 million[23]

Full-year 2024 results in-line with expectations on technology demand and controllable levers Strong 4Q volume gains across both businesses, notably in Brazil, reflects growing momentum Full-year 2025 guidance3 refined for currency impact from the strengthening U.S. dollar INDIANAPOLIS, Feb. 5, 2025 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results for the fourth quarter and full-year ended December 31, 2024. 4Q 2024 Results Overview   Net Sale ...

Corteva, Inc. (NYSE: CTVA ) is a global leader in seeds and crop protection products. Investors should know that Corteva is a play on agricultural commodity prices that is also a long-term bet on the growing needI am an investment professional with a background in both equity and real estate markets. I specialize in identifying long-only opportunities that offer safe and growing dividends, aiming to outperform the broader market on a risk-adjusted return basis. In addition to managing my family's investment ...

The return of President Trump to the White House in 2025 comes with all kinds of speculation regarding his trade policies and import tariffs. The United States agriculture industry is bracing for change. Trump signed the Agriculture Improvement Act of 2018 (aka the Farm Bill) into law, but it technically expired on Sept. 30, 2024. Congress has extended the bill through crop season 2025. While Trump looks to trim down government regulatory agencies, including the USDA and FDA, his priority is to bolster indu ...

Corteva, Inc. (CTVA) has been making strategic moves to boost overall growth. The company has been focused on maximizing its shareholders’ value. In its latest announcement, CTVA highlighted its strategy of delivering value to shareholders by addressing the global headwinds such as food security; climate change, and its intensifying weather and pressures from insects, weeds and diseases; and the energy transition from fossil fuels, which is leading to higher demand for biofuels. Corteva looks to address the ...

Pipeline of disruptive technology poised to transform future of agriculture, create value for farmers, shareholders INDIANAPOLIS, Nov. 19, 2024 /PRNewswire/ -- Today, at its 2024 Investor Day, Corteva outlined its strategy to continue to deliver value to shareholders by helping the world address three global challenges: food security, driven by a growing global population coupled with finite arable land; climate change and the resulting intensification of extreme weather and pressures from insects, weeds an ...

Reflects Company's Focus on Disciplined Capital DeploymentINDIANAPOLIS, Nov. 19, 2024 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) today announced that its Board of Directors authorized a new $3 billion share repurchase program. The authorization is immediately effective, does not expire, and gives management discretion in determining the conditions under which shares may be purchased.This newly authorized program is in addition to the Company's existing $2.0 billion program announced in September 2022, which ...

Proprietary hybrid system marks crucial step-change, expected to deliver new floor for future growth in wheat yield, productivityINDIANAPOLIS, Nov. 18, 2024 /PRNewswire/ -- In advance of its Investor Day, Corteva today announced a revolutionary breakthrough in one of the world's most important staple crops – wheat – a first-of-its kind, proprietary non-GMO hybrid technology. While other crops like corn have exponentially benefited from hybrid technology over the years, challenges with wheat production syste ...