Corteva, Inc.


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SKU: CTVA-1 Category:


Corteva delivered a disappointing result with below-par revenues and on-par earnings. The company is steadfastly navigating challenging market conditions, maintaining a trajectory of operating EBITDA growth and expanding margins. In the recent quarter, sales and earnings closely aligned with expectations, albeit with a 13% dip in organic sales attributed to lower seed volumes in Brazil and North America due to delayed purchases and planting areas. Crop Protection also faced challenges, with volumes impacted by product exits and destocking. Despite a 1% year-to-date sales decrease, pricing gains globally, especially in Seed and Crop Protection, contributed to a 9% increase in global pricing. The Seed business displayed resilience, with net sales rising 7%, propelled by strong price execution offsetting lower volumes. On the other hand, Crop Protection net sales declined by 10%, with a 12% drop in organic sales due to pricing gains being overshadowed by lower volumes. The market outlook underscores robust global demand for agricultural production, setting highs for biofuel demand in 2023, with continued growth expected in 2024. Key crop productions like Corn and Soybeans show increased estimates for the upcoming crop year, although US corn yields rebound, contributing to higher ending corn stocks.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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