US Market News
1月前
Corteva Announces Headquarters for Two Future Companies Following Planned SeparationMay 12, 2026 4:30 PM
PR Newswire (US) Indianapolis, Indiana and Johnston, Iowa ChosenINDIANAPOLIS and JOHNSTON, Iowa, May 12, 2026 /PRNewswire/ -- Corteva Inc. (NYSE: CTVA) announced today that "New Corteva," its future crop protection company, will be headquartered in Indianapolis, Indiana, and Vylor, its advanced seed and genetics company, will be headquartered in Johnston, Iowa, both following the current company's planned separation in the fourth quarter of 2026. The decision underscores both companies' commitment to their employees, deep community roots and legacy of agricultural innovation in both Iowa and Indiana.New Corteva will headquarter its market-leading crop protection and nature-inspired technologies business in Indianapolis, including its R&D team of world-class scientists and capabilities. The critical decision to be headquartered in the state is driven by Indiana's position as a global biosciences innovation hub. New Corteva will maintain a Global Corporate Business Center in Wilmington, Delaware.Vylor will be headquartered in Johnston, Iowa, home of its flagship Pioneer brand and more than a century of innovation. Anchored in elite germplasm and cutting-edge biotechnology, Vylor will advance its seed and genetics business while exploring opportunities to expand to new crops – and potentially beyond. Vylor will also have a Global Corporate Business Center in Southeast Pennsylvania.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 on Forward-Looking StatementsThis press release contains certain forward-looking statements. Words such as "believe," "will," "plan," "may," "expect," "see," and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, Corteva's intent to separate and its related expectations for New Corteva and SpinCo. These forward-looking statements reflect management's current expectations and are not guarantees of future performance and are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond Corteva's control.Important factors that may affect Corteva's business and operations and that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, whether the objectives of the separation will be achieved; the terms, structure, benefits and costs of any action or transaction resulting from the separation; the timing of any such separation or related action and whether any such separation will be consummated at all; the risk that the announcement of the intended separation could have an adverse effect on the ability of Corteva to retain and hire key personnel and maintain relationships with customers, suppliers, employees, shareholders and other business relationships and on its operating results and business generally; the risk the separation could divert the attention and time of the company's management; the risk of any unexpected costs or expenses resulting from the separation process or separation itself; and the risk of any litigation relating to the separation, as well as the risks and uncertainties described in Corteva's risk factors, as they may be amended from time to time, set forth in its filings with the U.S. Securities and Exchange Commission. Corteva disclaims and does not undertake any obligation to update, revise, or withdraw any forward-looking statement in this press release, except as required by applicable law or regulation. View original content to download multimedia:https://www.prnewswire.com/news-releases/corteva-announces-headquarters-for-two-future-companies-following-planned-separation-302770066.htmlSOURCE Corteva Agriscience Original: Corteva Announces Headquarters for Two Future Companies Following Planned Separation
US Market News
1月前
Corteva Delivers Strong 1Q 2026, Reaffirms 2026 Outlook, On-Track for 4Q 2026 SeparationMay 5, 2026 4:30 PM
PR Newswire (US) First quarter sales reflect strength of Seed and Crop Protection technology portfolios and progress on growth platforms Continued productivity and cost initiatives across both businesses further improve financial positionFull-year 2026 guidance3 reaffirmed, including progress on 2027 value frameworkINDIANAPOLIS, Ind., May 5, 2026 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results for the first quarter ended March 31, 2026. 1Q 2026 Results Overview
Net SalesInc. from Cont. Ops (After Tax) EPSGAAP$4.90B$725M$1.07vs. 1Q 2025 11 %9 %10 %
Organic1 Sales Operating EBITDA1Operating EPS1NON-GAAP$4.73B$1.44B$1.50vs. 1Q 20257 %21 %33 %First Quarter 2026 HighlightsFirst quarter 2026 net sales increased 11% versus prior year. Organic1 sales increased 7% in the same period.Seed net sales increased 12% and organic1 sales increased 9%. Price/mix was up 3%, with gains in all regions, led by favorable product mix and continued execution on the Company's price for value strategy. Volume growth in North America2 was driven by seasonal timing shifts in seed deliveries.Crop Protection net sales increased 10% and organic1 sales increased 4%. Price declined 2% due to competitive market dynamics in Latin America. Volume improved 6%, with gains in all regions, driven by demand for new products.GAAP income and earnings per share (EPS) from continuing operations were $725 million and $1.07 per share, respectively.Operating EBITDA1 and Operating EPS1 were $1.44 billion, and $1.50 per share, respectively.The Company reaffirmed full-year 2026 guidance3 and expects Operating EBITDA1 to be in the range of $4.0 to $4.2 billion. Operating EPS1 is expected to be $3.45 to $3.70 per share. The Company plans to repurchase approximately $500 million of shares during the first half of 2026.
1Q 1Q %%($ in millions, except where noted) 20262025Change Organic1 ChangeNet Sales$4,905$4,41711 %7 %North America$2,439$2,21010 %10 %EMEA$1,655$1,47712 %4 %Latin America$506$44214 %4 %Asia Pacific$305$2886 %5 %
1.Organic Sales, Operating EPS, and Operating EBITDA are non-GAAP measures. See page 5 for further discussion. 2. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 3. The Company does not provide the most comparable GAAP measure on a forward-looking basis. See page 4 for further discussion. 4. One-time separation costs do not include deferred asset expenses related to debt issuance costs to be amortized/incurred as future interest payments.______________________________________________________________________________________"In the first quarter, Corteva delivered a strong start to the year, delivering growth across both businesses and all regions. Our performance reflects a solid start to the season in the Northern Hemisphere coupled with disciplined cost management and continued demand for our advanced technology, all of which allowed us to deliver earnings growth and margin expansion. We also made good progress on our separation, naming executive leadership teams for both future companies, filing our initial Form 10, and announcing Vylor, the new name for our future advanced seed and genetics company. We remain focused on launching two strong companies, on track for the fourth quarter, and on delivering our 2026 targets. Our future is bright. "Chuck Magro
Chief Executive Officer______________________________________________________________________________________Company UpdatesSeparation Update: Key Milestone TargetsCorteva remains on track to complete the planned separation in the second half of 2026, with already announced key milestonesAnnounced Luke Kissam as New Corteva CEO, along with other key executive leadership rolesVylor was announced as the name of the future advanced seed and genetics companyInitial Form 10 filed with the SEC – due to regulatory requirements, Vylor will be shown as the continuing operations of Corteva, Inc. with New Corteva presented as discontinued operationsOne-time separation costs4 expected to be ~$350 million, consistent with external benchmark rangesNet dis-synergies estimate of ~$100 million trending favorably; $50 million included in full-year 2026 guidanceIn April 2026, the Board of Directors approved a discretionary contribution to the principal U.S. pension plan of approximately $1.5 billion (on a pre-tax basis) to be made on or before July 31, 2026. The company continues to expect both companies at separation to have strong balance sheets and investment grade credit ratings.Key separation milestones still expected to be achieved in the first half of 2026:Form 10 public filing in late Q2 Credit agency review and response to capital structure submissions for both companiesAdditional key milestones and updates that will occur in the second half of 2026:Approval of final capital structuresAppointment of both companies' Board of DirectorsForm 10 goes effectiveWebcasted Investor Day events at New York Stock Exchange on September 15, 2026Seed SummarySeed net sales were $3.02 billion in the first quarter of 2026, up from $2.71 billion in the first quarter of 2025. The sales increase was driven by a 6% increase in volume, 3% increase in price/mix, and 3% favorable currency impact.Price/mix gains in all regions demonstrate demand for top technology and the strength of the portfolio. Volume increases in North America and EMEA2 are due to timing shifts and favorable weather in the northern hemisphere. Favorable currency impacts were led by the Euro.Segment operating EBITDA was $1,034 million in the first quarter of 2026, up 23% from the first quarter of 2025. Volume, price execution, net cost and productivity benefits, and net royalty improvement more than offset higher selling expense and compensation. Segment operating EBITDA margin improved by about 310 basis points versus the prior-year period.
1Q 1Q %%($ in millions, except where noted) 20262025ChangeOrganic1 ChangeNorth America$1,770$1,59711 %11 %EMEA$928$82612 %5 %Latin America$224$18521 %8 %Asia Pacific$101$992 %4 %Seed Net Sales$3,023$2,70712 %9 %Seed Operating EBITDA$1,034$84223 %N/ACrop Protection SummaryCrop Protection net sales were approximately $1.88 billion in the first quarter of 2026 compared to approximately $1.71 billion in the first quarter of 2025. The sales increase was driven by a 6% increase in volume, a 6% favorable currency impact, partially offset by a 2% decrease in price.Volume improvement was driven by demand for new products and spinosyns, coupled with timing shifts in North America and EMEA. Price declines, primarily in Latin America and APAC, are due to continued competitive market dynamics in those regions. Favorable currency impacts were led by the Euro and Brazilian Real.Segment operating EBITDA was $434 million in the first quarter of 2026, up 15% from the first quarter of 2025. Volume growth, productivity savings, and favorable currency more than offset price pressure and higher selling expense. Segment operating EBITDA margin improved by about 100 basis points versus the prior-year period.
1Q 1Q %%($ in millions, except where noted)20262025ChangeOrganic1 ChangeNorth America$669$6139 %8 %EMEA$727$65112 %2 %Latin America$282$25710 %1 %Asia Pacific$204$1898 %6 %Crop Protection Net Sales$1,882$1,71010 %4 %Crop Protection Operating EBITDA$434$37715 %N/A2026 GuidanceGlobally, agricultural fundamentals remain mixed, with resilient demand across both seeds and crop protection driven by a continued focus on productivity and performance. Growers are increasingly prioritizing advanced genetics and higher-value, technology-enabled solutions to optimize yield outcomes, reinforcing strong demand for differentiated offerings. At the same time, reduced export availability from China is contributing to a gradual tightening in global supply-demand dynamics as the season progresses. Grain and oilseed markets have shown improvement, supported in part by evolving geopolitical factors, providing a more constructive backdrop for the sector.Across the portfolio, our full-year outlook remains constructive. In Seed, we expect continued demand for our technology-driven offerings, supported by product innovation and a solid start to the Northern Hemisphere planting season. In Crop Protection, we anticipate volume growth driven by demand for differentiated solutions, with an improving supply-demand environment helping to moderate prior headwinds. Farm-level conditions remain measured, as growers continue to manage input costs carefully, but investment in yield-enhancing technologies remains a clear priority. Overall, we expect the net impact from geopolitical and trade developments on our full-year results to be manageable within our current guide, and underlying demand is expected to remain resilient.As a result, the Company reaffirmed full-year 2026 guidance3 with Operating EBITDA1 expected to be $4.0 billion to $4.2 billion, growth of 7% at the mid-point. Operating EPS1 is expected to be $3.45 to $3.70 per share, growth of 7% at the mid-point. The Company expects to repurchase approximately $500 million of shares during the first half of 2026.The Company is not able to reconcile its forward-looking non-GAAP financial measures, to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of its control, such as Significant Items, without unreasonable effort.First Quarter Conference CallThe Company will host a live webcast of its first quarter 2026 earnings conference call with investors to discuss its results and outlook tomorrow, May 6, 2026, at 9:00 a.m. ET. The slide presentation that accompanies the conference call is posted on the Company's Investor Events and Presentations page. A replay of the webcast will also be available on the Investor Events and Presentations page.About CortevaCorteva, 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 StatementsThis press release 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 may be identified by their use of words like "plans," "expects," "will," "anticipates," "believes," "intends," "projects," "estimates," "outlook," or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva's financial results or outlook; strategy for growth; product development; regulatory approvals; market position; capital allocation strategy; liquidity; sustainability targets and initiatives; the anticipated benefits of acquisitions, restructuring actions, or cost savings initiatives; the anticipated benefits, impacts, and timing of the Proposed Separation; and the outcome of contingencies, such as litigation and environmental matters, are forward-looking statements.Forward-looking statements and other estimates are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements and other estimates also involve risks and uncertainties, many of which are beyond Corteva's control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Corteva's business, results of operations and financial condition. Some of the important factors that could cause Corteva's actual results to differ materially from those projected in any such forward-looking statements include: (i) failure to obtain or maintain the necessary regulatory approvals for some of the company's products; (ii) failure to successfully develop and commercialize the company's pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of the company's biotechnology and other agricultural products; (iv) failure to comply with competition and antitrust laws; (v) effect of changes in agricultural and related policies of governments and international organizations; (vi) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (vii) effect of climate change and unpredictable seasonal and weather factors; (viii) effect of competition in Corteva's industry; (ix) competitor's establishment of an intermediary platform for distribution of Corteva's products; (x) risks related to recent funding and staff reductions at U.S. government agencies; (xi) risk related to geopolitical and military conflict; (xii) effect of volatility in Corteva's input costs; (xiii) risks related to Corteva's global operations; (xiv) effect of industrial espionage and other disruptions to Corteva's supply chain, information technology or network systems; (xv) risks related to environmental litigation and the indemnification obligations of legacy EIDP liabilities in connection with the Corteva Separation; (xvi) impact of Corteva's dependence on third parties with respect to certain of its raw materials or licenses and commercialization; (xvii) failure of Corteva's customers to pay their debts to Corteva, including customer financing programs; (xviii) failure to effectively manage acquisitions, divestitures, alliances, restructurings, cost savings initiatives, and other portfolio actions; (xix) failure to raise capital through the capital markets or short-term borrowings on terms acceptable to Corteva; (xx) increases in pension and other post-employment benefit plan funding obligations; (xxi) risks related to pandemics or epidemics; (xxii) capital markets sentiment towards sustainability matters; (xxiii) Corteva's intellectual property rights or defense against intellectual property claims asserted by others; (xxiv) effect of counterfeit products; (xxv) Corteva's dependence on intellectual property cross-license agreements; (xxvi) risks related to Corteva's Separation from DowDuPont; and (xxvii) risks related to Corteva's Proposed Separation, including, but not limited to, whether the objectives of the proposed separation will be achieved; the terms, structure, benefits and costs of any action or transaction resulting from the proposed separation; the timing of any such separation or related action and whether any such separation will be consummated at all; the risk that the proposed separation could divert the attention and time of the company's management; the risk of any unexpected costs or expenses resulting from the proposed separation process or separation itself; and the risk of any litigation as a result of, or relating to, the Proposed Separation.Additionally, there may be other risks and uncertainties that Corteva is unable to currently identify or that Corteva does not currently expect to have a material impact on its business. Where, in any forward-looking statement or other estimate, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva's management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva disclaims and does not undertake any obligation to update or revise any forward-looking statement, 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 is included in the section titled "Risk Factors" in Corteva's annual and quarterly reports filed on Forms 10-K and 10-Q with the U.S. Securities and Exchange Commission.Regulation G (Non-GAAP Financial Measures)This earnings release includes information that does not conform to U.S. GAAP and are considered non-GAAP measures. These measures may include organic sales, organic growth (including by segment and region), operating EBITDA, operating earnings (loss) per share, and base income tax rate. Management uses these measures internally for planning and forecasting, including allocating resources and evaluating incentive compensation. Management believes that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year over year results. These non-GAAP measures supplement the Company's U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page A-5 of the Financial Statement Schedules.Corteva is not able to reconcile its forward-looking non-GAAP financial measures to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of the Company's control, such as significant items, without unreasonable effort. For significant items reported in the periods presented, refer to page A-8 of the Financial Statement Schedules. Beginning January 1, 2020, the Company presents accelerated prepaid royalty amortization expense as a significant item. Accelerated prepaid royalty amortization represents the non-cash charge associated with the recognition of upfront payments made to Monsanto in connection with the Company's non-exclusive license in the United States and Canada for Monsanto's Genuity® Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. Due to the ramp-up of Enlist E3TM, Corteva significantly reduced the volume of products with the Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform thereafter. In 2023 and 2024, the Company committed to restructuring activities to optimize the Crop Protection network of manufacturing and external partners, which are expected to be substantially complete in 2026. The Company expects to record approximately $80 million to $90 million net pre-tax restructuring charges during 2026 for these activities.Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Operating EBITDA is defined as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items and separation costs. Non-operating benefits (costs) consists of non-operating pension and other post- employment benefit (OPEB) credits (costs), tax indemnification adjustments, and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the Company as pre-tax income or expense.Operating earnings (loss) per share is defined as "earnings (loss) per common share from continuing operations - diluted" excluding the after-tax impact of significant items, the after-tax impact of separation costs, the after-tax impact of non-operating benefits (costs), the after-tax impact of amortization expense associated with intangible assets existing as of the Corteva Separation from DowDuPont, and the after-tax impact of net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. Although amortization of the Company's intangible assets is excluded from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets. Net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the relevant non-GAAP financial measures, allowing quarterly results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility. Base income tax rate is defined as the effective income tax rate less the effect of exchange gains (losses), significant items, separation costs, amortization of intangibles (existing as of Corteva Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and non-operating (benefits) costs.® TM Corteva Agriscience and its affiliated companies.
5/5/2026 View original content to download multimedia:https://www.prnewswire.com/news-releases/corteva-delivers-strong-1q-2026-reaffirms-2026-outlook-on-track-for-4q-2026-separation-302763090.htmlSOURCE Corteva Agriscience Original: Corteva Delivers Strong 1Q 2026, Reaffirms 2026 Outlook, On-Track for 4Q 2026 Separation
US Market News
1月前
Corteva Board to Add Two New MembersApril 30, 2026 8:00 AM
PR Newswire (US)
New directors replace retiring directors, bring food, agriculture and chemical expertise INDIANAPOLIS, April 30, 2026 /PRNewswire/ -- Corteva, Inc. today announced that its shareholders have approved the addition of Christopher Policinski and Jean-Marc Gilson to its board of directors. As previously announced, Lamberto Andreotti and Michael Johanns retired with this year's annual meeting of shareholders.
"We are pleased to welcome Chris and Jean-Marc to the Corteva Board – their expertise in the agriculture and chemicals sectors, respectively, will both strengthen the Board and serve Corteva well, particularly as the company moves forward with its plans to separate into two industry-leading companies," said Corteva Board Chair Gregory Page.Page added, "On behalf of the entire Board, I want to thank Lamberto and Michael for their outstanding service to Corteva. Their efforts have helped guide Corteva to its current position of strength and laid a strong foundation for continued growth and success. We wish them both the best in their new chapters."As previously communicated, board of directors appointments for "SpinCo" and "New Corteva" will be made in the second half of 2026.About Chris Policinski
Policinski is the former president and chief executive officer of Land O'Lakes, Inc., a privately held agricultural cooperative specializing in dairy products, animal nutrition, and crop production, from 2005 to 2018. He joined Land O'Lakes in 1997 and held a variety of key leadership positions, including vice president, strategy and business development; executive vice president, dairy foods; and chief operating officer, dairy foods. Policinski has served on the board of directors of Hormel Foods Corp. since 2012, and from 2016 to 2023 served as the lead independent director. He previously served on the board of directors of Xcel Energy Inc. from 2009 to 2025, where he was also the lead independent director from 2016 to 2023.About Jean-Marc Gilson
Gilson is the president and chief executive officer and member of the board of directors of Westlake Corporation, a global manufacturer and supplier of vinyl, polymers and building products, a position he has held since July 2024. Prior to this appointment, he was the president and chief executive officer and member of the board of directors of Mitsubishi Chemical Group Corporation from April 2021 to June 2024. Previously, Gilson served as chief executive officer of Roquette Frères, a global leader in plant-based ingredients and pharmaceutical excipients, from 2014 to 2021; chief operating officer of NuSil Technology LLC, a leading manufacturer of medical and space-grade silicone technology, from 2012 to 2014; and as chief executive officer of Avantor Performance Materials, Inc. from 2011 to 2012. Earlier in his career, he held a variety of key leadership positions at the Dow Corning Corporation.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 on Forward-Looking Statements
This press release contains certain forward-looking statements. Words such as "will," "plan," "may," "expect," "see," and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, Corteva's intent to separate and its related expectations for New Corteva and SpinCo. These forward-looking statements reflect management's current expectations and are not guarantees of future performance and are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond Corteva's control.Important factors that may affect Corteva's business and operations and that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, whether the objectives of the separation will be achieved; the terms, structure, benefits and costs of any action or transaction resulting from the separation; the timing of any such separation or related action and whether any such separation will be consummated at all; the risk that the announcement of the intended separation could have an adverse effect on the ability of Corteva to retain and hire key personnel and maintain relationships with customers, suppliers, employees, shareholders and other business relationships and on its operating results and business generally; the risk the separation could divert the attention and time of the company's management; the risk of any unexpected costs or expenses resulting from the separation process or separation itself; and the risk of any litigation relating to the separation, as well as the risks and uncertainties described in Corteva's risk factors, as they may be amended from time to time, set forth in its filings with the U.S. Securities and Exchange Commission. Corteva disclaims and does not undertake any obligation to update, revise, or withdraw any forward-looking statement in this press release, except as required by applicable law or regulation.
View original content to download multimedia:https://www.prnewswire.com/news-releases/corteva-board-to-add-two-new-members-302757875.htmlSOURCE Corteva, Inc.
Original: Corteva Board to Add Two New Members
US Market News
2月前
Pioneer Celebrates a Century of Innovation, Delivering for FarmersApril 20, 2026 8:00 AM
PR Newswire (US)
Global seed leader in corn, soybeans, sorghum celebrates helping farmers deliver record-breaking yields JOHNSTON, Iowa and INDIANAPOLIS, April 20, 2026 /PRNewswire/ -- Pioneer®, the flagship seed brand of Corteva, commemorates 100 years of innovation and global agricultural leadership today at an event at the Corteva Global Seed Business Center in Johnston, Iowa.
Founded a century ago by former U.S. Vice President Henry A. Wallace, Pioneer was the first to produce hybrid corn at scale – a groundbreaking innovation that contributed to average corn yields in the U.S. increasing by nearly 600%, revolutionizing American agriculture and the American farm economy. That tradition continues: today, Pioneer is the No. 1 corn and soybean brand in the U.S. by market share and has world-record-breaking yield performance in corn, soybeans and dryland sorghum."Farming is the beating heart of this country, and we could not be prouder to have worked alongside farmers for the past century to feed and fuel it," said Executive Vice President, Seed Business, Judd O'Connor. "Innovation has always been part of the story of agriculture – from hybrid corn in 1926 to new hybrid wheat technology today – and Pioneer, as its name suggests, has always been at the leading edge of innovation. And with tools like gene editing on the horizon, we know that after the remarkable past century, Pioneer is only just getting started."Pioneer has led the industry for a century:First company to commercialize hybrid corn at scale. Home to one of the largest and deepest corn germplasm collections in the world today. Seed sold today in more than 70 countries, serving millions of farmers around the world.World-record setting corn hybrid1, producing 623.84 bu/A (2023).World-record setting soybean variety2, producing 218.2856 bu/A (2024).Top-yielding dryland sorghum variety3, producing 245.86 bu/A (2020).As part of the 100-year celebration, David Wallace Douglas, grandson of Henry A. Wallace, donated $100,000 to fund more than 100,000 meals packed by Corteva employees to benefit the Food Bank of Iowa and food pantries across the state of Indiana. Over the last 30 years, Pioneer and Corteva have invested nearly $2,000,000 in local organizations.To learn more about the Pioneer 100-year anniversary, visit pioneer.com/100.About Pioneer
Pioneer, the flagship seed brand of Corteva Agriscience, is the world's leading developer and supplier of advanced plant genetics, providing high-quality seeds to farmers in more than 70 countries. Pioneer provides agronomic support and services to help increase farmer productivity and profitability and strives to develop sustainable agricultural systems for people everywhere.Join the discussion and follow Pioneer on Facebook, X, Instagram and YouTube.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.1 https://www.pioneer.com/us/news-and-events/news/media-release/ncga-contest-pioneer-new-world-record.html2 https://www.pioneer.com/us/news-and-events/news/media-release/new-world-record-yield-with-pioneer-brand-z-series-soybeans.html3 https://www.pioneer.com/us/news-and-events/news/media-release/Producers-Planting-Pioneer-Brand-Sorghum-Hybrids-Continue-to-Dominate-NSP-Yield-Contest.html
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Original: Pioneer Celebrates a Century of Innovation, Delivering for Farmers
US Market News
2月前
Corteva Announces Executive Leadership Team of its Future Crop Protection CompanyApril 14, 2026 8:35 AM
PR Newswire (US)
INDIANAPOLIS, April 14, 2026 /PRNewswire/ -- Corteva Inc. (NYSE: CTVA) announced today the executive leadership team that will lead "New Corteva," the publicly-traded, differentiated crop protection company resulting from the current company's planned separation in the fourth quarter of 2026. This follows an earlier announcement naming Luke Kissam, former Albemarle Chairman, President and CEO, as the New Corteva CEO. Luke will join the current company on June 1.
New Corteva will be innovation-driven in both its product portfolio and its operating model, leveraging its technological leadership to deliver for farmers while also running an asset-light, efficient business. The company intends to make targeted investments to support growth and leverage its first-mover advantage in nature-inspired technologies to pursue opportunities promising attractive returns in markets that reward differentiation."The business that will become Corteva after separation, later this year, will lead a critical industry from a position of strength," said Corteva Chair Greg Page, who will also chair New Corteva after separation. "I look forward to working with each of these leaders to drive the new, focused company to even greater heights.""New Corteva's success will be anchored in innovation and sustainability, coupled with a laser focus on enterprise-wide operational excellence, and this team is the right team to help realize its bright future," said Corteva CEO Chuck Magro. "It is an exciting time for the company, its leaders and their future teams."The New Corteva executive leadership team will also assume their roles at separation, which is on track for the fourth quarter of 2026. As follows:Jeff Rudolph will be the company's chief financial officer. Brook Cunningham will be chief commercial officer. Ralph Ford will be chief integrated operations officer. Reza Rasoulpour will be chief technology officer. Jim Alcombright will be chief digital and information officer. The roles of chief legal officer and chief people officer are open, with internal and external searches underway to fill them.Robert King, current executive vice president of the Corteva Crop Protection business unit, will, effective July 1, become a strategic advisor to the incoming New Corteva CEO, ensuring a smooth transition through separation for the entire leadership team. Robert will remain on the current Corteva ELT until separation, and after separation, serve on the New Corteva ELT until the end of 2026, after which time he has elected to leave the company to pursue other leadership opportunities."I want to thank Robert for his invaluable leadership over the past few years, during which time we solidified our global leadership position in Biologicals, launched more than a thousand products to help farmers protect their yields and delivered financial performance that consistently outperformed the industry," said Magro. "We wish him the very best in his next chapter."Members of New Corteva executive leadership will be hosting an investor day on September 15 at the New York Stock Exchange; details on attendance and participation will be shared in the coming weeks.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 on Forward-Looking Statements
This press release contains certain forward-looking statements. Words such as "intend," "will," "plan," "may," "expect," "see," and "evaluate" and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, Corteva's intent to separate and its related expectations for New Corteva and SpinCo. These forward-looking statements reflect management's current expectations and are not guarantees of future performance and are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond Corteva's control.Important factors that may affect Corteva's business and operations and that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, whether the objectives of the separation will be achieved; the terms, structure, benefits and costs of any action or transaction resulting from the separation; the timing of any such separation or related action and whether any such separation will be consummated at all; the risk that the announcement of the intended separation could have an adverse effect on the ability of Corteva to retain and hire key personnel and maintain relationships with customers, suppliers, employees, shareholders and other business relationships and on its operating results and business generally; the risk the separation could divert the attention and time of the company's management; the risk of any unexpected costs or expenses resulting from the separation process or separation itself; and the risk of any litigation relating to the separation, as well as the risks and uncertainties described in Corteva's risk factors, as they may be amended from time to time, set forth in its filings with the U.S. Securities and Exchange Commission. Corteva disclaims and does not undertake any obligation to update, revise, or withdraw any forward-looking statement in this press release, except as required by applicable law or regulation.
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Original: Corteva Announces Executive Leadership Team of its Future Crop Protection Company
US Market News
4月前
Strong 2H and Full Year 2025 Results Driven by Leading Technology, Disciplined ExecutionFebruary 3, 2026 4:30 PM
PR Newswire (US)
Seed's industry-leading performance reflects demand for latest technology, productivity savings, and growth in licensingResilience in Crop Protection evidenced by volume growth in new products and biologicals coupled with cost improvementRobust cash generation driven by earnings growth and efficient working capital managementFull-year 2026 guidance3 reflects top- and bottom-line growth, along with margin expansion, driven by growth platforms and controllablesINDIANAPOLIS, Feb. 3, 2026 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results for the fourth quarter and full-year ended December 31, 2025.
4Q 2025 Results Overview
Net SalesLoss from Cont. Ops (After Tax) EPSGAAP$3.91B$(537)M$(0.80)vs. 4Q 2024(2) %n/m4n/m4
Organic1 Sales Operating EBITDA1Operating EPS1NON-GAAP$3.82B$446M$0.22vs. 4Q 2024(4) %(15) %(31) %
FY 2025 Results Overview
Net SalesInc. from Cont. Ops (After Tax)EPSGAAP$17.40B$1.20B$1.75vs. FY 20243 %40 %43 %
Organic1 SalesOperating EBITDA1Operating EPS1NON-GAAP$17.56B$3.85B$3.34vs. FY 2024 4 %14 %30 %Full-Year 2025 HighlightsNet sales increased 3% versus prior year. Organic1 sales increased 4% with gains in all regions.Seed net sales increased 4% and organic1 sales increased 5%. Price/Mix was up 3% led by North America2 and EMEA2 with continued execution on the Company's price-for-value strategy for new technology offerings. Volume increased 2%, primarily reflecting increased corn area in North America2 and Brazil.Crop Protection net sales increased 2% and organic1 sales increased 3%. Volume increased 5%, driven by demand for new products and biologicals. Price declined 2% due to the market dynamics in Latin America.GAAP income and earnings per share (EPS) from continuing operations were $1.20 billion and $1.75 per share, respectively.Operating EBITDA1 and Operating EPS1 were $3.85 billion, and $3.34 per share, respectively.Cash provided by operating activities – continuing operations was $3.5 billion, up 51% compared to prior year. Free cash flow1 was $2.9 billion, a 69% improvement over prior year. Strong cash performance supported total cash returned to shareholders of over $1.5 billion.The Company refined full-year 2026 guidance3 and expects operating EBITDA1 to be $4.0 to $4.2 billion. Operating EPS1 is expected to be $3.45 to $3.70 per share.1. Organic Sales, Operating EPS, Free Cash Flow, and Operating EBITDA are non-GAAP measures. See page 6 for further discussion. 2. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 3. The Company does not provide the most comparable GAAP measure on a forward-looking basis. See page 7 for further discussion. 4. Not meaningful.______________________________________________________________________________________"Our delivery of strong second-half and full-year results reflects continued demand for our differentiated technologies and disciplined execution across the company. In Seed, performance was driven by our latest technology, growth in licensing and sustained productivity improvements. In Crop Protection, despite an ongoing challenging pricing environment in key regions including Latin America and Asia Pacific, we delivered sales and earnings growth, driven by volume gains in new products and biologicals and meaningful cost reductions.We also progressed actions related to our planned separation, and we are on track to complete the separation in the second half of 2026.We look ahead to 2026 with optimism – our products, our employees' focus on execution, and our accelerated freedom to operate across many crops promises to deliver yet another year of growth, productivity and value creation for both farmers and shareholders." Chuck Magro
Chief Executive Officer______________________________________________________________________________________Company UpdatesSeparation Update: Key Milestone TargetsCorteva remains on track to complete the planned separation in the second half of 2026Key separation milestones expected to be achieved in the first half of 2026:New Corteva CEO, as well as key executive leadership for both companies, to be namedSpinCo official name and brand identity to be launchedInitial and first amendment to Form 10 to be filed with SECCredit agency review and response to capital structure submissions for both companiesBayer Resolution Accelerates Freedom to OperateFinalized a comprehensive resolution of all litigation with Bayer, providing multi-year clarity on technology access and licensing rights, regulatory certainty / support on Bayer traits, and certainty across all litigationAgreement helps accelerate Corteva's path to royalty neutrality to 2026, two years earlier than previously expected, and supports the transition to a net out-licensor of seed technology thereafterSignificantly expands Corteva's freedom to operate and out-licensing flexibility across corn, canola, and cotton, supporting faster innovation and improved farmer choiceHelps support Corteva's strategic objective of achieving $1 billion net royalty income position by 2035Agreement accelerates multiple technology and market opportunities, contributing ~$1 billion of aggregate earnings upside over the next decade across licensing and branded sales:Triple-stack corn traits now expected to be available for out-licensing as early as 2027, an acceleration of ~5 yearsThird generation above-ground insect traits in corn advanced by ~2 years to the end of the decadeEnables entry into the U.S. cotton out-licensing market, expanding Corteva's addressable market$610 million cash outflow, largely in first quarter 2026, funded from strong 2025 free cash flowSummary of Fourth Quarter 2025For the fourth quarter ended December 31, 2025, net sales decreased 2% versus the same period last year. Organic1 sales decreased 4%.Volume was down 5% versus prior year largely due to seasonal timing shifts into third quarter 2025 and first quarter 2026 in both Crop Protection and Seed. Crop Protection volume decreased 2% over the prior year, driven primarily by a seasonal shift in North America to the first quarter of 2026 and the timing of fungicide demand in Latin America. Seed volume decreased 8% versus prior year due primarily to a shift of certain North American deliveries into first quarter 2026 due to freight optimization and weather-related delays, as well as a shift into third quarter 2025 for early deliveries in Latin America in advance of the safrinha season.Price was up 1% versus prior year. Seed price/mix was up 3% over the prior year with gains in nearly all regions, offset by a shift in out-licensing income to the third quarter in North America. Crop Protection price was down 1% driven largely by competitive pricing dynamics in Latin America and partially offset by price/mix increases in North America.GAAP loss from continuing operations after income taxes was $537 million in fourth quarter of 2025 compared to a loss of $50 million in fourth quarter of 2024. Operating EBITDA1 for the fourth quarter of 2025 was income of $446 million, down 15% compared to prior year.
4Q4Q%%($ in millions, except where noted) 20252024ChangeOrganic1
ChangeNet Sales$3,910$3,978(2) %(4) %North America$1,478$1,563(5) %(5) %EMEA$424$448(5) %(9) %Latin America$1,653$1,6222 %(3) %Asia Pacific$355$3453 %7 %
FYFY%%($ in millions, except where noted) 20252024ChangeOrganic1
ChangeNet Sales$17,401$16,9083 %4 %North America$9,024$8,6604 %5 %EMEA$3,110$3,124- %2 %Latin America$3,928$3,7764 %4 %Asia Pacific$1,339$1,348(1) %2 %Seed SummarySeed net sales were $1.74 billion in the fourth quarter of 2025, down from $1.77 billion in the fourth quarter of 2024. The sales decrease reflects an 8% decrease in volume, partially offset by a 3% increase in price/mix and a 3% favorable currency impact.Volume declines in the quarter were due primarily to a shift of certain North American deliveries into first quarter 2026 due to freight optimization and weather-related delays. In addition, early deliveries ahead of the safrinha season in Latin America shifted volumes into the third quarter. The increase in price is due primarily to continued demand for top technology, partially offset by a shift of out-licensing income into the third quarter in North America. Favorable currency impacts were led by the Brazilian Real.Segment operating EBITDA was $124 million in the fourth quarter of 2025, an improvement of 33% from the fourth quarter of 2024. Cost benefits from productivity and deflation drove the improvement versus prior year, partially offset by higher compensation expense, bad debt, and R&D expense. Segment operating EBITDA margin improved by approximately 190 basis points versus the prior-year period.
4Q4Q%%($ in millions, except where noted) 20252024ChangeOrganic1 Change North America $545 $639 (15) % (15) %EMEA$190$216(12) %(16) %Latin America$884$8277 %1 %Asia Pacific$118$9031 %39 %Total 4QSeed Net Sales $1,737 $1,772 (2) % (5) %4Q Seed Operating EBITDA$124$9333 %N/ASeed net sales were $9.90 billion for the full year of 2025, up 4% from the same period of 2024. The sales increase reflects a 3% increase in price/mix and a 2% increase in volume, partially offset by a 1% unfavorable currency impact.Price/Mix gains in all regions, led by North America, demonstrate demand for top technology and the strength of the portfolio, coupled with increased out-licensing income. Volume growth was driven primarily by increased corn area and share gains in North America and Brazil, partially offset by lower soybean area in North America. Unfavorable currency impacts were led by the Turkish lira and Canadian dollar.Segment operating EBITDA was $2.64 billion for the full year of 2025, up 19% from the same period of 2024. Commercial execution and market share gains in North America and Brazil, product mix, reduction of net royalty expense, and ongoing cost and productivity actions more than offset increased compensation, R&D expense, bad debt, selling expenses, and the unfavorable impact of currency. Segment operating EBITDA margin improved by approximately 340 basis points versus the prior-year period.
FYFY%%($ in millions, except where noted) 20252024ChangeOrganic1 Change North America $6,271 $6,033 4 % 4 %EMEA$1,560$1,581(1) %4 %Latin America$1,614$1,5236 %5 %Asia Pacific$453$40811 %14 %Total FYSeed Net Sales $9,898 $9,545 4 % 5 %FY Seed Operating EBITDA$2,636$2,21919 %N/ACrop Protection SummaryCrop Protection net sales were approximately $2.17 billion in the fourth quarter of 2025 compared to approximately $2.21 billion in the fourth quarter of 2024. The sales decrease over the prior period reflects a 2% decrease in volume and a 1% price decline, partially offset by a 2% favorable benefit from currency.The decrease in volume was primarily driven by a seasonal shift to the first quarter of 2026 in North America and the timing of fungicide demand in Latin America, partially offset by strong demand for biologicals. The price decline was primarily due to the competitive pricing environment in Latin America, partially offset by North America price increases. Favorable currency impacts were led by the Brazilian Real.Segment operating EBITDA was $360 million in the fourth quarter of 2025, down 22% from the fourth quarter of 2024. Productivity savings were more than offset by price pressure and higher compensation and R&D costs. Segment operating EBITDA margin declined by approximately 435 basis points versus the prior-year period.
4Q4Q%%($ in millions, except where noted)20252024ChangeOrganic1 Change North America $933 $924 1 % 1 %EMEA$234$2321 %(2) %Latin America$769$795(3) %(8) %Asia Pacific$237$255(7) %(5) %Total 4Q Crop Protection Net Sales $2,173 $2,206 (1) % (3) %4Q Crop Protection Operating EBITDA $360$461(22) %N/ACrop Protection net sales were approximately $7.50 billion for the full year of 2025 compared to approximately $7.36 billion in the same period of 2024. The sales increase reflects a 5% increase in volume, partially offset by a 2% decline in price and a 1% unfavorable impact from currency.The increase in volume was driven by demand for new products, herbicides, and biologicals. The price decline was primarily due to competitive market dynamics in Latin America, partially offset by North America price increases. Unfavorable currency impacts were led by the Turkish Lira and the Brazilian Real.Segment operating EBITDA was $1,350 million for the full year of 2025, up 6% from the same period last year. Raw material deflation, productivity savings, and volume growth more than offset the unfavorable impact of currency, price pressure, and higher compensation and bad debt in SG&A. Segment operating EBITDA margin improved by approximately 70 basis points versus the prior-year period.
FYFY%%($ in millions, except where noted)20252024ChangeOrganic1 Change North America $2,753 $2,627 5 % 5 %EMEA$1,550$1,543- %1 %Latin America$2,314$2,2533 %4 %Asia Pacific$886$940(6) %(4) %Total FY Crop Protection Net Sales $7,503 $7,363 2 % 3 %FY Crop Protection Operating EBITDA $1,350$1,2726 %N/A2026 GuidanceThe global outlook for agriculture remains mixed with strong crop demand and production, but pressured commodity prices and farmer margins. Global corn area was up in 2025, most notably in North America, driven by favorable corn economics relative to soybeans, with a mid-single digit planted area increase in Latin America. However, the large crop production year in 2025 kept pace with record demand. As a result, any shift from corn to soybean planted acres in the US in 2026 is expected to be manageable.The global crop protection industry is expected to improve modestly with volume gains more than offsetting ongoing pricing pressure in certain key regions including Latin America and Asia Pacific.As it pertains to incremental global tariff impacts in 2026 across both businesses, the Company's current estimate is ~$80 million, which is included in our current 2026 guidance. For the full year 2026, Corteva expects operating EBITDA1 to be $4.0 billion to $4.2 billion, growth of 7% at the mid-point. Operating EPS1 is expected to be $3.45 to $3.70 per share, growth of 7% at the mid-point.The Company is not able to reconcile its forward-looking non-GAAP financial measures, to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of its control, such as Significant Items, without unreasonable effort.Fourth Quarter Conference CallThe Company will host a live webcast of its fourth quarter 2025 earnings conference call with investors to discuss its results and outlook tomorrow, February 4, 2026, at 9:00 a.m. ET. The slide presentation that accompanies the conference call is posted on the Company's Investor Events and Presentations page. A replay of the webcast will also be available on the Investor Events and Presentations page.About CortevaCorteva, 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 StatementsThis press release 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 may be identified by their use of words like "plans," "expects," "will," "anticipates," "believes," "intends," "projects," "estimates," "outlook," or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva's financial results or outlook; strategy for growth; product development; regulatory approvals; market position; capital allocation strategy; liquidity; sustainability targets and initiatives; the anticipated benefits of acquisitions, restructuring actions, or cost savings initiatives; the anticipated benefits of the Proposed Separation; and the outcome of contingencies, such as litigation and environmental matters, are forward-looking statements.Forward-looking statements and other estimates are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements and other estimates also involve risks and uncertainties, many of which are beyond the company's control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on the company's business, results of operations and financial condition. Some of the important factors that could cause the company's actual results to differ materially from those projected in any such forward-looking statements include: (i) failure to obtain or maintain the necessary regulatory approvals for some of the company's products; (ii) failure to successfully develop and commercialize the company's pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of the company's biotechnology and other agricultural products; (iv) failure to comply with competition and antitrust laws; (v) effect of changes in agricultural and related policies of governments and international organizations; (vi) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (vii) effect of climate change and unpredictable seasonal and weather factors; (viii) effect of competition in the company's industry; (ix) competitor's establishment of an intermediary platform for distribution of the company's products; (x) risks related to recent funding and staff reductions at U.S. government agencies; (xi) risk related to geopolitical and military conflict; (xii) effect of volatility in the company's input costs; (xiii) risks related to the company's global operations; (xiv) effect of industrial espionage and other disruptions to the company's supply chain, information technology or network systems; (xv) risks related to environmental litigation and the indemnification obligations of legacy EIDP liabilities in connection with the Corteva Separation; (xvi) impact of the company's dependence on third parties with respect to certain of its raw materials or licenses and commercialization; (xvii) failure of the company's customers to pay their debts to the company, including customer financing programs; (xviii) failure to effectively manage acquisitions, divestitures, alliances, restructurings, cost savings initiatives, and other portfolio actions; (xix) failure to raise capital through the capital markets or short-term borrowings on terms acceptable to the company; (xx) increases in pension and other post-employment benefit plan funding obligations; (xxi) risks related to pandemics or epidemics; (xxii) capital markets sentiment towards sustainability matters; (xxiii) the company's intellectual property rights or defense against intellectual property claims asserted by others; (xxiv) effect of counterfeit products; (xxv) the company's dependence on intellectual property cross-license agreements; and (xxvi) risks related to Corteva's Separation from DowDuPont; and (xxvii) risks related to Corteva's Proposed Separation, including, but not limited to, whether the objectives of the proposed separation will be achieved; the terms, structure, benefits and costs of any action or transaction resulting from the proposed separation; the timing of any such separation or related action and whether any such separation will be consummated at all; the risk that the proposed separation could divert the attention and time of the company's management; the risk of any unexpected costs or expenses resulting from the proposed separation process or separation itself; and the risk of any litigation as a result of, or relating to, the proposed separation. Additionally, there may be other risks and uncertainties that Corteva is unable to currently identify or that Corteva does not currently expect to have a material impact on its business. Where, in any forward-looking statement or other estimate, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva's management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva disclaims and does not undertake any obligation to update or revise any forward-looking statement, 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 is included in the "Risk Factors" section of Corteva's Annual Report on Form 10-K, as modified by subsequent Quarterly Reports on Forms 10-Q and Current Reports on Form 8-K.Regulation G (Non-GAAP Financial Measures)This earnings release includes information that does not conform to U.S. GAAP and are considered non-GAAP measures. These measures may include organic sales, organic growth (including by segment and region), operating EBITDA, operating earnings (loss) per share, and base income tax rate. Management uses these measures internally for planning and forecasting, including allocating resources and evaluating incentive compensation. Management believes that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year over year results. These non-GAAP measures supplement the Company's U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page A-5 of the Financial Statement Schedules.Corteva is not able to reconcile its forward-looking non-GAAP financial measures to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of the Company's control, such as significant items, without unreasonable effort. For significant items reported in the periods presented, refer to page A-10 of the Financial Statement Schedules. Beginning January 1, 2020, the Company presents accelerated prepaid royalty amortization expense as a significant item. Accelerated prepaid royalty amortization represents the non-cash charge associated with the recognition of upfront payments made to Monsanto in connection with the Company's non-exclusive license in the United States and Canada for Monsanto's Genuity® Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. Due to the ramp-up of Enlist E3TM, Corteva significantly reduced the volume of products with the Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform thereafter. In 2023 and 2024, the company committed to restructuring activities to optimize the Crop Protection network of manufacturing and external partners, which are expected to be substantially complete in 2026. The company expects to record approximately $80 million to $90 million net pre-tax restructuring charges during 2026 for these activities.Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Operating EBITDA is defined as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items and separation costs. Non-operating benefits (costs) consists of non-operating pension and other post- employment benefit (OPEB) credits (costs), tax indemnification adjustments, and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the Company as pre-tax income or expense.Operating earnings (loss) per share is defined as "earnings (loss) per common share from continuing operations - diluted" excluding the after-tax impact of significant items, the after-tax impact of separation costs, the after-tax impact of non-operating benefits (costs), the after-tax impact of amortization expense associated with intangible assets existing as of the Corteva Separation from DowDuPont, and the after-tax impact of net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. Although amortization of the Company's intangible assets is excluded from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets. Net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the relevant non-GAAP financial measures, allowing quarterly results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility. Base income tax rate is defined as the effective income tax rate less the effect of exchange gains (losses), significant items, separation costs, amortization of intangibles (existing as of Corteva Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and non-operating (benefits) costs.The Company also uses Free Cash Flow as a non-GAAP measure to evaluate and discuss its liquidity position and ability to generate cash. Free Cash Flow is defined as cash provided by (used for) operating activities – continuing operations, less capital expenditures.® TM Corteva Agriscience and its affiliated companies.
2/3/2026
View original content to download multimedia:https://www.prnewswire.com/news-releases/strong-2h-and-full-year-2025-results-driven-by-leading-technology-disciplined-execution-302678160.htmlSOURCE Corteva Agriscience
Original: Strong 2H and Full Year 2025 Results Driven by Leading Technology, Disciplined Execution
abrooklyn
2年前
Corteva Reports First Quarter 2024 Results, Reaffirms 2024 Guidance
Source: PR Newswire (US)
1Q results in line with expectations and mostly constructive ag economy
Strength of Seed performance demonstrates global demand for top technology
Crop Protection declines reflect just-in-time purchases and residual inventory imbalances
FY guidance unchanged, 2024 outlook supported by controllable levers
INDIANAPOLIS, May 1, 2024 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results for the three months ended March 31, 2024.
Chuck Magro, Chief Executive Officer, Corteva
1Q 2024 Results Overview
Net Sales
Income from Cont. Ops (After Tax)
EPS
GAAP
$4.49B
$376M
$0.53
vs. 1Q 2023
(8) %
(38) %
(37) %
Organic1 Sales
Operating EBITDA1
Operating EPS1
NON-GAAP
$4.58B
$1.03B
$0.89
vs. 1Q 2023
(6) %
(16) %
(23) %
"Corteva's first quarter 2024 results were largely as expected. The Seed business once again delivered exceptional performance driven by our advantaged technology and latest product line-up, reflecting farmers' continued investment in products that consistently deliver quality, yield and value.
On Crop Protection, as anticipated, we faced headwinds as the industry continues to work through residual inventory imbalances in key regions and farmers are shifting to just-in-time purchasing. We are expecting growth in the second half of 2024 driven by our differentiated portfolio, leading biologicals products and cost actions.
As a result, we are reaffirming full year 2024 guidance as well as reiterating our confidence in the previously-announced 2025 financial framework."
Chuck Magro
Chief Executive Officer
First Quarter 2024 Highlights
First quarter 2024 net sales decreased 8% versus prior year. Organic1 sales decreased 6% in the same period.
Seed net sales grew 2% and organic1 sales increased 5%. Price was up 6% globally, led by continued execution on the Company's price for value strategy and favorable product mix. Volume growth in North America from higher corn deliveries was offset by delayed demand in EMEA2 due to unfavorable weather.
Crop Protection net sales decreased 20% and organic1 sales declined 21%, on expected industry headwinds globally. Volume declines were against a strong prior year comparison and primarily due to farmer purchases closer to application window, as well as weather and destocking impacts in EMEA2. Price was down 3% due to a competitive environment in most regions.
GAAP income and earnings per share (EPS) from continuing operations were $376 million and $0.53 per share for the first quarter 2024, respectively.
Operating EBITDA1 and Operating EPS1 were $1.03 billion and $0.89 per share for the first quarter 2024, respectively.
The Company reaffirmed full-year 2024 guidance3 and expects net sales in the range of $17.4 billion to $17.7 billion. Operating EBITDA1 is expected to be in the range of $3.5 billion to $3.7 billion. Operating EPS1 is expected to be in the range of $2.70 to $2.90 per share. Cash provided by operating activities – continuing operations is expected to be in the range of $2.1 billion to $2.6 billion. Free Cash Flow1 is expected to be in the range of $1.5 billion to $2.0 billion. The Company plans to repurchase approximately $1.0 billion shares in 2024.
1Q
1Q
%
%
($ in millions, except where noted)
2024
2023
Change
Organic1 Change
Net Sales
$4,492
$4,884
(8) %
(6) %
North America
$2,087
$2,202
(5) %
(5) %
EMEA
$1,588
$1,813
(12) %
(6) %
Latin America
$515
$552
(7) %
(15) %
Asia Pacific
$302
$317
(5) %
(2) %
1. Organic Sales, Operating EPS, Operating EBITDA, and Free Cash Flow are non-GAAP measures. See page 5 for further discussion. 2. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 3. The Company does not provide the most comparable GAAP measure on a forward-looking basis, except for Free Cash Flow.
Seed Summary
Seed net sales were $2.8 billion in the first quarter of 2024, up from $2.7 billion in the first quarter of 2023. The sales increase was driven by a 6% increase in price, partially offset by a 2% unfavorable currency impact, and a 1% decline in both volume and portfolio.
Price gains were driven by strong execution globally, led by EMEA2, as farmers prioritize the use of top technology to drive higher yields. Volume gains in North America from higher corn deliveries were offset by volume declines in EMEA2 due to delayed demand from unfavorable weather. Unfavorable currency impacts were led by the Turkish lira.
Segment operating EBITDA was $748 million in the first quarter of 2024, up 15% from the first quarter of 2023. Price execution, improvement in net royalty expense, and ongoing cost and productivity actions more than offset higher commodity and production costs, and the unfavorable impact of currency. Segment operating EBITDA margin improved by approximately 300 basis points versus the prior-year period.
1Q
1Q
%
%
($ in millions, except where noted)
2024
2023
Change
Organic1 Change
North America
$1,471
$1,323
11 %
11 %
EMEA
$918
$1,012
(9) %
-
Latin America
$271
$259
5 %
(1) %
Asia Pacific
$91
$101
(10) %
(5) %
Total
Seed Net Sales
$2,751
$2,695
2 %
5 %
Seed
Operating EBITDA
$748
$652
15 %
N/A
Crop Protection Summary
Crop Protection net sales were approximately $1.7 billion in the first quarter of 2024 compared to approximately $2.2 billion in the first quarter of 2023. The sales decline was driven by an 18% decrease in volume, a 3% decrease in price, and a 1% unfavorable currency impact, partially offset by a 2% favorable impact from portfolio.
The decrease in volume against a strong prior year comparison was primarily due to farmer purchases closer to the application window, as well as weather and destocking impacts in EMEA2. Price declines in North America and Latin America due to competitive market dynamics were partially offset by pricing gains in EMEA to largely offset currency. Unfavorable currency impacts were primarily related to the Turkish lira.
Segment operating EBITDA was $310 million in the first quarter of 2024, down 49% from the first quarter of 2023. Volume declines and unfavorable mix, pricing pressure, the unfavorable impact of currency, and raw material cost inflation, more than offset productivity actions. Segment operating EBITDA margin contracted by more than 970 basis points versus the prior-year period.
1Q
1Q
%
%
($ in millions, except where noted)
2024
2023
Change
Organic1 Change
North America
$616
$879
(30) %
(30) %
EMEA
$670
$801
(16) %
(13) %
Latin America
$244
$293
(17) %
(27) %
Asia Pacific
$211
$216
(2) %
-
Total Crop Protection Net Sales
$1,741
$2,189
(20) %
(21) %
Crop Protection Operating EBITDA
$310
$603
(49) %
N/A
2024 Guidance
The global outlook for agriculture is stable with mostly constructive fundamentals in 2024. There was record-setting demand for grain, oilseeds, feed, and biofuels in 2023, and we expect that to grow in 2024. On-farm demand for inputs remains healthy and farmers continue to prioritize the need for top-tier technology, despite the normalization of commodity prices. The global Crop Protection market remains imbalanced after the significant destocking in 2023, however we expect to see market growth in the second half of 2024.
Corteva expects net sales in the range of $17.4 billion to $17.7 billion, growth of 2% at the mid-point. Operating EBITDA1 is expected to be in the range of $3.5 billion to $3.7 billion, growth of 6% at the mid-point. Operating EPS1 is expected to be in the range of $2.70 to $2.90 per share, up 4% at the mid-point, which reflects higher earnings partially offset by interest expense and a higher base tax rate. Cash provided by operating activities – continuing operations is expected to be in the range of $2.1 billion to $2.6 billion. Free Cash Flow1 is expected to be in the range of $1.5 billion to $2.0 billion. The Company plans to repurchase approximately $1.0 billion shares in 2024.
The Company is not able to reconcile its forward-looking non-GAAP financial measures, except for Free Cash Flow, to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of its control, such as Significant Items, without unreasonable effort.
First Quarter Conference Call
The Company will host a live webcast of its first quarter 2024 earnings conference call with investors to discuss its results and outlook tomorrow, May 2, 2024, at 9:00 a.m. ET. The slide presentation that accompanies the conference call is posted on the Company's Investor Events and Presentations page. A replay of the webcast will also be available on the Investor Events and Presentations page.
About Corteva
Corteva, Inc. (NYSE: CTVA) is a publicly traded, 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.
Follow Corteva on Facebook, Instagram, LinkedIn, Twitter, and YouTube.
Cautionary Statement About Forward-Looking Statements
This report 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 may be identified by their use of words like "plans," "expects," "will," "anticipates," "believes," "intends," "projects," "estimates," "outlook," or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva's financial results or outlook; strategy for growth; product development; regulatory approvals; market position; capital allocation strategy; liquidity; environmental, social and governance ("ESG") targets and initiatives; the anticipated benefits of acquisitions, restructuring actions, or cost savings initiatives; and the outcome of contingencies, such as litigation and environmental matters, are forward-looking statements.
Forward-looking statements and other estimates are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements and other estimates also involve risks and uncertainties, many of which are beyond Corteva's control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Corteva's business, results of operations and financial condition. Some of the important factors that could cause Corteva's actual results to differ materially from those projected in any such forward-looking statements include: (i) failure to obtain or maintain the necessary regulatory approvals for some of Corteva's products; (ii) failure to successfully develop and commercialize Corteva's pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of Corteva's biotechnology and other agricultural products; (iv) effect of changes in agricultural and related policies of governments and international organizations; (v) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (vi) effect of climate change and unpredictable seasonal and weather factors; (vii) failure to comply with competition and antitrust laws; (viii) effect of competition in Corteva's industry; (ix) competitor's establishment of an intermediary platform for distribution of Corteva's products; (x) impact of Corteva's dependence on third parties with respect to certain of its raw materials or licenses and commercialization; (xi) effect of volatility in Corteva's input costs; (xii) risk related to geopolitical and military conflict; (xii) risks related to environmental litigation and the indemnification obligations of legacy EIDP liabilities in connection with the separation of Corteva; (xiv) risks related to Corteva's global operations; (xv) failure to effectively manage acquisitions, divestitures, alliances, restructurings, cost savings initiatives, and other portfolio actions; (xvi) effect of industrial espionage and other disruptions to Corteva's supply chain, information technology or network systems;(xvii) failure of Corteva's customers to pay their debts to Corteva, including customer financing programs; (xviii) failure to raise capital through the capital markets or short-term borrowings on terms acceptable to Corteva; (xix) increases in pension and other post-employment benefit plan funding obligations; (xx) capital markets sentiment towards ESG matters; (xxi) risks related to pandemics or epidemics; (xxii) Corteva's intellectual property rights or defense against intellectual property claims asserted by others; (xxiii) effect of counterfeit products; (xxiv) Corteva's dependence on intellectual property cross-license agreements; and (xxv) other risks related to the Separation from DowDuPont.
Additionally, there may be other risks and uncertainties that Corteva is unable to currently identify or that Corteva does not currently expect to have a material impact on its business. Where, in any forward-looking statement or other estimate, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva's management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva disclaims and does not undertake any obligation to update or revise any forward-looking statement, 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 is included in the "Risk Factors" section of Corteva's Annual Report on Form 10-K, as modified by subsequent Quarterly Reports on Forms 10-Q and Current Reports on Form 8-K.
Regulation G (Non-GAAP Financial Measures)
This earnings release includes information that does not conform to U.S. GAAP and are considered non-GAAP measures. These measures may include organic sales, organic growth (including by segment and region), operating EBITDA, operating EBITDA margin, operating earnings (loss) per share, and base income tax rate. Management uses these measures internally for planning and forecasting, including allocating resources and evaluating incentive compensation. Management believes that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year over year results. These non-GAAP measures supplement the Company's U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page A-5 of the Financial Statement Schedules.
Corteva is not able to reconcile its forward-looking non-GAAP financial measures, except for Free Cash Flow, to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of the Company's control, such as Significant Items, without unreasonable effort. For Significant items reported in the periods presented, refer to page A-8 of the Financial Statement Schedules. Beginning January 1, 2020, the Company presents accelerated prepaid royalty amortization expense as a significant item. Accelerated prepaid royalty amortization represents the non-cash charge associated with the recognition of upfront payments made to Monsanto in connection with the Company's non-exclusive license in the United States and Canada for Monsanto's Genuity® Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. During the ramp-up period of Enlist E3TM, Corteva has begun to significantly reduce the volume of products with the Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform thereafter. During 2023, the company committed to restructuring activities to optimize the Crop Protection network of manufacturing and external partners, which are expected to be substantially complete in 2024. The company expects to record approximately $180 million to $230 million net pre-tax restructuring charges during 2024 for these activities.
Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Operating EBITDA is defined as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items. Non-operating benefits (costs) consists of non-operating pension and other post- employment benefit (OPEB) credits (costs), tax indemnification adjustments, and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the Company as pre-tax income or expense. Operating EBITDA margin is defined as Operating EBITDA as a percentage of net sales.
Operating earnings (loss) per share is defined as "earnings (loss) per common share from continuing operations - diluted" excluding the after-tax impact of significant items, the after-tax impact of non-operating benefits (costs), the after-tax impact of amortization expense associated with intangible assets existing as of the Separation from DowDuPont, and the after-tax impact of net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. Although amortization of the Company's intangible assets is excluded from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets. Net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the relevant non-GAAP financial measures, allowing quarterly results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility. Base income tax rate is defined as the effective tax rate excluding the impacts of foreign exchange gains (losses), non-operating benefits (costs), amortization of intangibles (existing as of the Separation), mark- to- market gains (losses) on certain foreign currency contracts not designated as hedges, and significant items.
The Company also uses Free Cash Flow as a non-GAAP measure to evaluate and discuss its liquidity position and ability to generate cash. Free Cash Flow is defined as cash provided by (used for) operating activities – continuing operations, less capital expenditures. We believe that Free Cash Flow provides investors with meaningful information regarding the Company's ongoing ability to generate cash through core operations, and our ability to service our indebtedness, pay dividends (when declared), make share repurchases, and meet our ongoing cash needs for our operations.
® TM Corteva Agriscience and its affiliated companies.
(PRNewsfoto/Corteva Agriscience)
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