Corteva Inc - CTVA STOCK NEWS

Corteva (NYSE: CTVA) reported mixed financial results for Q4 and full-year 2024. Fourth-quarter performance showed strong growth with organic sales up 13% to $4.2B and operating EPS rising 113% to $0.32. However, full-year results were more modest, with organic sales increasing just 1% to $17.4B while GAAP net sales declined 2% to $16.9B.

The Seed segment saw net sales increase 1% with organic sales up 4%, driven by pricing gains and increased Safrinha corn planted area in Brazil. The Crop Protection segment experienced a 5% decline in net sales, though volume grew 3% on strong Latin American demand.

The company generated $2.3B in operating cash flow, up 27% year-over-year, and returned $1.5B to shareholders. Looking ahead, Corteva refined its 2025 guidance, projecting net sales of $17.2-17.6B and operating EPS of $2.70-2.95, while announcing plans to repurchase approximately $1B in shares during 2025.

Corteva (NYSE: CTVA) has announced its Board of Directors has authorized a quarterly common stock dividend of $0.17 per share. The dividend will be payable on March 17, 2025, to shareholders of record as of March 3, 2025.

Additionally, EIDP, Inc., a wholly owned subsidiary of Corteva, declared preferred stock dividends for two 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 preferred stock dividends will be payable on April 25, 2025, to EIDP stockholders of record on April 4, 2025.

Corteva (NYSE: CTVA) has scheduled its fourth quarter 2024 earnings release for Wednesday, February 5, 2025, after market close. The company will host a live webcast presentation on Thursday, February 6, 2025, at 9:00 a.m. Eastern Time. Accompanying slides will be available on the Company's Investor Events and Presentations page, and a replay will remain accessible until February 6, 2026.

Corteva unveiled its 2024 strategy at its Investor Day, focusing on addressing global challenges through innovation in food security, climate change, and energy transition. The company announced a new financial framework through 2027, targeting $1 billion in incremental net sales from growth platforms, ~$1 billion in cost deflation and productivity benefits, and $4.5 billion in shareholder returns.

The strategy includes six growth platforms: seed and trait out-licensing, biologicals (targeting $1 billion in annual revenues by decade's end), new crop protection technologies, gene editing, biofuels, and hybrid wheat. The company invests ~8% of sales in R&D, equivalent to $4 million daily.

Corteva (NYSE: CTVA) has announced a new $3 billion share repurchase program, effective immediately with no expiration date. This program is additional to the existing $2 billion program from September 2022, which had $750 million remaining as of September 30, 2024. The company will conduct repurchases through open-market or private transactions, with timing and volume depending on market conditions and other factors. This initiative, along with a recent dividend increase, reflects the company's strong financial outlook and commitment to returning capital to shareholders.

Corteva announced a breakthrough in wheat technology with a first-of-its-kind, proprietary non-GMO hybrid system. The technology is expected to increase yield potential by 10% while maintaining resource usage and show 20% higher yields in water-stressed environments compared to elite varieties. The company's proprietary system works in 100% of wheat germplasm, enabling faster genetic gains and commercial-scale seed delivery. Corteva plans to launch hybrid Hard Red Winter wheat in North America by 2027.

Corteva (NYSE: CTVA) and bp announced their intent to form a joint venture focused on producing crop-based biofuel feedstocks for sustainable aviation fuel (SAF). The partnership aims to deliver one million metric tons of biofuel feedstocks annually by mid-2030s. Corteva will contract farmers in North and South America, and Europe to grow mustard seed, sunflower, and canola feedstocks. The initiative aligns with EU's SAF mandate requiring 20% SAF by 2035 and 70% by 2050 at EU airports. The companies plan to finalize agreements in 2025 with operations starting later that year.

Corteva (NYSE: CTVA) reported Q3 2024 financial results showing declining performance. Net sales decreased 10% to $2.33B, with a net loss of $519M. Year-to-date net sales declined 4% to $12.93B with income of $913M. Seed sales showed price gains but volume declines due to reduced corn planted area in Latin America. Crop Protection sales decreased 9% due to weather and destocking impacts.

The company updated its 2024 guidance, expecting net sales of $17.0-17.2B and Operating EBITDA of $3.35-3.45B. For 2025, preliminary outlook projects net sales of $17.3-17.7B and Operating EBITDA of $3.6-4.0B.

Corteva (NYSE: CTVA) has announced its Board of Directors approved a quarterly common stock dividend of $0.17 per share, payable December 16, 2024, to shareholders of record on December 2, 2024. Additionally, EIDP, a wholly owned subsidiary of Corteva, declared preferred stock dividends of $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 January 23, 2025, to stockholders of record on January 8, 2025.