Embrapa Café launches publication on genetic selection methods for improving Arabica coffee
The publication highlights the main factors that dictate the success of a genetic improvement program for the Coffea arabica species
Corteva today announced financial results for the second quarter and first half ended June 30, 2024. Net sales for the first half of 2024 were down 3% compared to the previous year. Organic sales decreased by 2% in the same period. Net seed sales grew 2% and organic sales increased 4%. Crop protection net revenue fell 11%.
GAAP earnings and earnings per share (EPS) from continuing operations were $1,43 billion and $2,03 per share, respectively, in the first half of 2024. Operating EBITDA and operating EPS were $ 2,95 billion and $2,72 per share, respectively. The company updated its forecast for the full year 2024. Net sales are expected to be between US$17,2 billion and US$17,5 billion. Operating EBITDA should be between US$3,4 billion and US$3,6 billion. Operating EPS should be between $2,60 and $2,80 per share. The company plans to repurchase approximately $1,0 billion of shares in 2024.
“We have adjusted our full-year 2024 outlook to reflect market realities and continued focus on controlling controllables. We are committed to delivering a strong second half of the year and meeting our commitments to customers and shareholders,” said Chuck Magro, CEO of Corteva .
Q2024 1 net sales increased 2% from the same period last year. Organic sales grew 6%. Volume remained stable compared to the previous year. Crop protection revenue grew 2%, mainly in Latin America and North America. Net seed sales fell 2% due to early seasonal deliveries in North America. The price increased by XNUMX%, reflecting the company's value pricing strategy.
GAAP profit from continuing operations after taxes was $1,06 billion in the second quarter of 2024, compared to $880 million in the second quarter of 2023. Operating EBITDA for the second quarter was $1,92 billion, an increase of 10% compared to the previous year.
Net seed sales in Q2024 4,33 were $4,26 billion, up from $2023 billion in Q5 2. The increase in sales was driven by a 1,70% price increase. Sales volume fell 16%. The segment's operating EBITDA was US$2023 billion, an increase of XNUMX% compared to the second quarter of XNUMX. Cost and productivity actions offset higher commodity costs and investments in research and development (R&D) .
In the first half of 2024, net seed sales were US$7,1 billion, up from US$7,0 billion in the first half of 2023. Rising global corn and soybean prices boosted demand. The segment's operating EBITDA was US$2,4 billion, an increase of 16% compared to the first half of 2023.
Crop protection net sales in Q2024 1,8 were approximately $2023 billion, flat compared to Q6 5. Volume increased 255% while price fell 20%. The segment's operating EBITDA was US$2023 million, a XNUMX% drop compared to the second quarter of XNUMX.
In the first half of 2024, crop protection net sales were approximately $3,5 billion, compared to approximately $4,0 billion in the first half of 2023. Volume fell 7%, price fell 4%, and the unfavorable currency impact was 1%. The segment's operating EBITDA was US$565 million, a 39% drop compared to the first half of 2023.
Corteva said it expects stable demand for agricultural inputs. The company expects net sales to be between $17,2 billion and $17,5 billion, 1% growth at the midpoint. Operating EBITDA should be between US$3,4 billion and US$3,6 billion, a growth of 4% at the midpoint. Operating EPS should be between $2,60 and $2,80 per share. The company plans to repurchase approximately $1,0 billion of shares in 2024.
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