Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ☒EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ☐EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number 001-38710 Corteva, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 82-4979096 (S ...

财务数据和关键指标变化 - 第一季度收入下降6%,其中种子业务收入增长5%,作物保护业务收入下降20% [24][25] - 第一季度EBITDA下降16%,EBITDA利润率下降约200个基点 [26] - 公司预计全年EBITDA将在35-37亿美元区间,保持前期指引不变 [11][37] 各条业务线数据和关键指标变化 种子业务 - 种子业务第一季度收入增长2%,有机销售增长5%,价格上涨6% [27] - 种子订单反映出强劲需求,公司计划今年推出约300款新种子品种 [13][14] - 预计种子业务在上半年将保持良好势头,下半年可能出现小幅亏损 [32][34] 作物保护业务 - 作物保护业务第一季度收入下降20%,销量下降18% [28] - 价格下降3%,主要受到竞争压力和渠道库存管理紧缩的影响 [28] - 预计下半年作物保护业务将恢复增长,生物制品和新产品带动销量提升 [35] - 公司正在优化全球作物保护资产布局,预计到2025年可实现年度成本节约1亿美元 [20] 各个市场数据和关键指标变化 - 北美市场种子业务表现良好,但其他地区种子销量下滑 [25][27] - 欧洲和拉美地区作物保护业务受到去库存影响,北美地区受到购买时间推迟的影响 [25][28] - 预计下半年拉美市场作物保护业务将恢复增长,生物制品业务在巴西的强势地位将带动增长 [35] 公司战略和发展方向及行业竞争 - 公司正在从净技术购买者转变为净技术销售者,Enlist等自有技术正在快速推广 [71][72] - 公司将持续推出新产品,并通过提价获取价值,预计未来几年种子价格将保持低个位数增长 [73][74] - 作物保护业务正在通过退出低毛利产品、推出生物制品等措施提升盈利能力 [18][20] - 公司预计行业将在2025年恢复增长,自身也将受益于成本下降和新产品带来的增长 [126][127] 管理层对经营环境和未来前景的评论 - 农业大宗商品需求依然强劲,农民收益水平总体健康,为公司业务发展提供良好环境 [10][11] - 公司正在通过提价、成本优化等措施应对当前竞争环境,有信心实现全年业绩指引 [11][20] - 对2025年的财务目标框架保持信心,相信未来几年公司将受益于新技术推广、成本下降等因素 [139][140][141] 问答环节重要的提问和回答 问题1 **Vincent Andrews 提问** 询问公司对第二季度业绩的信心和可见度 [47] **Chuck Magro 和 Dave Anderson 回答** - 农业大宗商品需求依然强劲,为公司业务发展提供良好环境 [48][49] - 种子业务在北美表现强劲,为上半年业绩提供支撑 [51][52][53] - 作物保护业务在第二季度和下半年将逐步改善,成本优化措施也将发挥作用 [54][55][56][57] 问题2 **Joel Jackson 提问** 询问公司对dicamba除草剂未来的看法及其对种子业务策略的影响 [67] **Tim Glenn 回答** - 2024年dicamba对种子销售影响有限,但2025年存在较大不确定性 [78][79][80] - 公司已为不同情况做好准备,包括增加Enlist等替代技术的种子供给 [83][84][85] 问题3 **Chris Parkinson 提问** 询问公司对2024年和2025年种子及作物保护业务成本的预期 [109] **Dave Anderson 回答** - 2024年种子业务成本有所上升,主要是由于巴西safrinha玉米产量恢复带来的成本压力 [110][111] - 2024年作物保护业务将受益于原材料价格下降,预计下半年成本下降1亿美元 [112][113][114] - 上述成本变化趋势将为2025年业绩改善奠定基础 [115]

1Q 2024 Earnings Conference Call May 2, 2024 Safe Harbor Regarding Forward-Looking Statements Forward-Looking Statements This presentation contains certain estimates and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may b ...

Corteva, Inc. (CTVA) reported $4.49 billion in revenue for the quarter ended March 2024, representing a year-over-year decline of 8%. EPS of $0.89 for the same period compares to $1.16 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $4.56 billion, representing a surprise of -1.42%. The company delivered an EPS surprise of +12.66%, with the consensus EPS estimate being $0.79.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Stree ...

A-1 Corteva, Inc. Consolidated Statements of Operations (Dollars in millions, except per share amounts) Three Months Ended March 31, 2024 2023 Net sales $ 4,492 $ 4,884 Cost of goods sold 2,550 2,771 Research and development expense 332 316 Selling, general and administrative expenses 736 726 Amortization of intangibles 177 160 Restructuring and asset related charges - net 75 33 Other income (expense) - net (99) (71) Interest expense 41 31 Income (loss) from continuing operations before income taxes 482 776 ...

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. 1Q 2024 Results Overview ...

Analysts on Wall Street project that Corteva, Inc. (CTVA) will announce quarterly earnings of $0.79 per share in its forthcoming report, representing a decline of 31.9% year over year. Revenues are projected to reach $4.56 billion, declining 6.7% from the same quarter last year.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 3.7% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period ...

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?Let's take a look at what these Wall Street heavyweights have to say about Corteva, Inc. (CTVA) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.Corteva, Inc. currently has an averag ...

公司业务 - Corteva公司主要业务包括种子和农药两个部分，种子部门主要供应商业种子（主要是大豆和玉米），结合先进的种质和特性，为全球农场提供最佳结果[1] - Corteva公司的种子产品从研究阶段到商业化可能需要10-20年，因此依赖全球农民每年重新订购其种子来实现销售[1] - Corteva公司通过四种不同的销售渠道供应其产品，包括直接销售给农民、通过大型农业零售商分销、与独立农业零售商合作以及在线平台销售[1] 公司战略 - Corteva公司的知识产权战略对其运营至关重要，保护遗传特性、品种、品牌和农业化学产品[1] - Corteva公司在2023年实现了积极的业绩，尽管总收入略有下降，但股价在2024年2月1日出现大幅上涨[1] - Corteva公司的估值应该介于600亿美元和850亿美元之间，显示出相当大的上涨空间[1] 公司财务 - Corteva公司在2023年从持续经营活动中获得18亿美元现金，几乎全部用于Stoller收购，为支持股价和继续支付股息，Corteva在2023年又负债10亿美元，这在长期内是不可持续的[1] - Corteva公司自2019年战略重组以来表现强劲，尽管与其前同行公司孟山都和先正达相比存在估值差距，但其稳固的业务基础和广泛的知识产权组合使其成为投资者寻求农业部门未来机遇的诱人选择[1]

New Investment and Partnership Platform Will Accelerate Next Generation Ag-tech Innovation   INDIANAPOLIS, March 19, 2024 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) today announced the launch of Corteva Catalyst, a new investment and partnership platform focused on accessing and bringing to market agricultural innovations that advance the company's R&D priorities and drive value creation. Corteva Catalyst will partner with entrepreneurs and innovators to accelerate the development of early-stage, disruptive ...