Corteva presents 2023 results with optimistic outlook for 2024

Corteva released its financial results for the year 2023, revealing a drop in net and organic sales compared to the previous year. The company reported a 1% decline in total net sales and a 3% decline in organic sales. Gains in North America and EMEA (Europe, Middle East and Africa) were offset by declines in Latin America and Asia-Pacific.

In the seeds segment, Corteva showed 5% growth in net sales and a 7% increase in organic sales. Overall pricing rose 13%, driven by the continued implementation of the company's value pricing strategy and demand for new technologies. The decline in volume was primarily due to reduced corn volumes in Latin America, the exit from Russia and lower corn acreage in EMEA, although partially offset by increased corn acreage in North America.

The crop protection segment saw a 9% drop in net sales and a 12% decrease in organic sales. Volume declines, especially in Latin America and North America, were caused by strategic product exits, inventory destocking and delays in farmer purchases. The price gains reflected the value pricing strategy and strong execution in response to cost inflation, led by EMEA.

Corteva reported GAAP income and earnings per share (EPS) from continuing operations of $941 million and $1,30 per share, respectively, representing a decline of 23% and 22% compared to the prior year. Operating EBITDA was US$3,38 billion, a 5% improvement compared to the previous year. Operating EPS was $2,69 per share, an increase of 1% compared to the prior year.

For fiscal 2024, Corteva projects net sales of between $17,4 and 17,7 billion and operating EBITDA of between $3,5 and 3,7 billion.