Corteva Inc - CTVA STOCK NEWS

Corteva (NYSE: CTVA) reported solid first half 2024 results, with the Seed business driving performance. Key highlights include:

- Q2 2024: Net sales up 1% to $6.11B, Income from continuing operations up 20% to $1.06B
- 1H 2024: Net sales down 3% to $10.60B, Income from continuing operations down 4% to $1.43B
- Seed net sales grew 2%, organic sales up 4%
- Crop Protection net sales and organic sales both decreased 11%

Corteva updated its full-year 2024 guidance:
- Net sales: $17.2B to $17.5B
- Operating EBITDA: $3.4B to $3.6B
- Operating EPS: $2.60 to $2.80
- Free Cash Flow: $1.5B to $2.0B

The company plans to repurchase approximately $1.0B in shares in 2024.

Corteva (NYSE: CTVA) has appointed David Johnson as its new Executive Vice President and Chief Financial Officer (CFO), effective September 16, 2024. Johnson, previously CFO at Atkore, will succeed Dave Anderson, who will serve as a Strategic Advisor to the CEO until his retirement in Q1 2025. Johnson brings over three decades of experience in financial planning, risk assessment, M&A, and global operations.

CEO Chuck Magro praised Johnson's track record of delivering strong results and operational efficiency. At Atkore, Johnson oversaw financial and IT activities, contributing to the company's transformation through acquisitions and organic growth. Previously, he spent 29 years at Eaton , lastly as VP of Finance and Operations for its Electrical Sector business.

Corteva, Inc. (NYSE: CTVA) has announced a 6% increase in its quarterly dividend, marking the fourth consecutive year of dividend growth since its 2019 spin-off. The new dividend of $0.17 per share will be payable on September 17, 2024, to shareholders of record as of September 3, 2024. This increase reflects Corteva's commitment to returning capital to shareholders and its focus on driving margin expansion and sustainable long-term growth through innovation, customer engagement, and operational execution.

Additionally, EIDP, Inc., a wholly owned subsidiary of Corteva, declared dividends on its preferred stock series: $1.12-1/2 per share on the $4.50 series and $0.87-1/2 per share on the $3.50 series, both payable on October 25, 2024, to stockholders of record on October 4, 2024.

Corteva (NYSE: CTVA) has announced it will release its second quarter 2024 earnings on July 31, 2024, after market close. The earnings will be detailed in a live webcast on August 1, 2024, at 10:00 a.m. Eastern Time, with an accompanying slide presentation on the company's Investor Events and Presentations page. A replay of the webcast will be available until August 1, 2025.

Corteva has announced that its Executive Vice President and CFO, Dave Anderson, will present at the 2024 Wells Fargo Industrials Conference on June 11, 2024, at 9:00 a.m. ET. The event will be webcast live, and registration is available through the Corteva Investor Relations site. A replay will be accessible 24 hours post-event until September 11, 2024.

Corteva commemorates its five-year journey as a public company, emphasizing its commitment to innovation in agriculture. The company has introduced significant products, including Enlist E3 soybeans, Vorceed Enlist corn, and various biostimulants and nematicides. These innovations have helped farmers combat pests and diseases, increase crop yields, and sustainably meet growing global food demands. Corteva invests nearly $4 million daily in innovation and employs 22,500 people worldwide. Over the past five years, the company has surpassed $78 billion in sales, increased annual operating EBITDA by $1.3 billion, and provided a 140% total shareholder return. Corteva has also launched approximately 2,000 new products, established over 700 global agreements, and added more than 7,000 patents, showcasing a robust performance in delivering cutting-edge agricultural technology.

Corteva, Inc. (NYSE: CTVA) executives will speak at the 2024 BMO Farm to Market Chemicals Conference on May 15, 2024. The webcast will be available for registration on the Corteva Investor Relations website, with a replay available until August 15, 2024.

Corteva reported first-quarter 2024 results in line with expectations, showcasing strength in the Seed business but decline in Crop Protection. The company reaffirmed its 2024 guidance, supported by controllable factors.

First-quarter net sales decreased 8%, with Seed net sales growing 2% and Crop Protection net sales decreasing 20%. GAAP income and EPS were $376 million and $0.53 per share, respectively. Operating EBITDA was $1.03 billion, and Operating EPS was $0.89 per share.

The company reiterated its full-year 2024 guidance with expected net sales between $17.4 billion to $17.7 billion, Operating EBITDA between $3.5 billion to $3.7 billion, and Operating EPS between $2.70 to $2.90 per share.