Reflects Company's Focus on Disciplined
Capital Deployment
INDIANAPOLIS, 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
had approximately $750 million
remaining as of September 30, 2024.
Shares of the Company's common stock may be repurchased
periodically in open-market or private transactions. The actual
timing, number and value of shares repurchased under the Company's
authorized share repurchase program will depend on a variety of
factors including the market price of Corteva common stock, general
market and economic conditions, applicable legal requirements and
other business considerations and uses of capital, including
organic growth, dividends, and acquisitions.
"This action underscores our Board's confidence in Corteva's
future and our commitment to returning capital to shareholders,"
said Chuck Magro, Chief Executive Officer, Corteva
Agriscience. "Corteva's new share repurchase program, together with
the Company's dividend increase earlier this year, demonstrate
Corteva's strong financial outlook and commitment to a disciplined
capital deployment strategy."
For updates on the Company's strategy, technology pipeline, and
financial framework, join Corteva's previously announced Investor
Day, today at 9 a.m. Eastern Time.
Registration is available on the Events and Presentations Page
of the Corteva Investor Relations website. A replay will be
available on the website following the webcast.
About Corteva
Corteva, Inc. (NYSE: CTVA) is a global
pure-play agriculture company that combines industry-leading
innovation, high-touch customer engagement and operational
execution to profitably deliver solutions for the world's most
pressing agriculture challenges. Corteva generates advantaged
market preference through its unique distribution strategy,
together with its balanced and globally diverse mix of seed, crop
protection, and digital products and services. With some of the
most recognized brands in agriculture and a technology pipeline
well positioned to drive growth, the company is committed to
maximizing productivity for farmers, while working with
stakeholders throughout the food system as it fulfills its promise
to enrich the lives of those who produce and those who consume,
ensuring progress for generations to come. More information can be
found at www.corteva.com.
Cautionary Statement About Forward-Looking
Statements
This press release contains 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 may be
identified by their use of words like "plans," "expects," "will,"
"anticipates," "believes," "intends," "projects," "estimates" or
other words of similar meaning. All statements that address
expectations or projections about the future, including statements
about Corteva's capital allocation plans, performance outlook, and
strategy are forward-looking statements. Corteva disclaims and does
not undertake any obligation to update or revise any
forward-looking statement or other estimate, except as required by
applicable law. A detailed discussion of some of the significant
risks and uncertainties which may cause results and events to
differ materially from such forward-looking statements or other
estimates is included in the "Risk Factors" section of Corteva's
Annual Report on Form 10-K, as modified by subsequent reports on
Form 10-Q and Current Reports on Form 8-K.
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SOURCE Corteva Agriscience