Corteva Commemorates Five Years of Creating Value

Rhea-AI Summary

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.

Positive

• Surpassed $78 billion in cumulative net sales.
• Increased annual operating EBITDA by $1.3 billion (63%).
• Delivered a 140% total shareholder return.
• Launched approximately 2,000 new products.
• Established over 700 global agreements to advance agriculture technology.
• Added more than 7,000 patents for new technologies.
• Invests nearly $4 million daily in innovation.
• Employs 22,500 people worldwide, with over 5,000 dedicated to R&D.
• Serves approximately 10 million farmers in 125 countries.

Negative

• The operating EBITDA does not conform to U.S. GAAP and is a non-GAAP measure.
• The performance metrics provided are unaudited and rely on non-GAAP measures, which may not be consistent with other companies.

Delivering breakthrough innovation to help farmers safely, sustainably feed and fuel the world

INDIANAPOLIS, June 4, 2024 /PRNewswire/ -- Five years ago, Corteva, Inc. launched as a public company with one mission: to consistently deliver cutting-edge solutions to help farmers feed and fuel the world. Since then, the company has helped farmers increase their yields—grow more food—by ramping up innovative products, including: Enlist E3®^[1] soybeans, the #1 soybean trait system in the U.S.; Vorceed® Enlist® corn, which better protects against corn rootworm; proprietary winter canola hybrids to help meet the growing demand for biofuels while providing farmers with an additional revenue source; Reklemel™ active, a first-of-its-kind, selective nematicide that protects crops and maintains a healthy balance of beneficial organisms in the soil; Adavelt™ active, providing highly effective defense against more than 20 diseases in more than 30 crops; and Utrisha™ N, a biostimulant capturing supplemental nitrogen from the air.

Today, Corteva employees and senior management will commemorate five years as a standalone company by ringing the opening bell of the New York Stock Exchange.

"These five years of working alongside farmers and customers have shown us that the work we do at Corteva has never been more urgent or more important," said Corteva CEO Chuck Magro. "Farmers globally are facing the growing pressures of changing weather, new pests and diseases, while at the same time being asked to feed a rapidly growing population – and they're being asked to do this using the same amount of land and fewer resources. At Corteva, we are proud to mark five years of delivering the innovation that helps farmers around the world safely and effectively address each of these issues."

Corteva invests nearly $4 million in innovation every day and employs approximately 22,500 people worldwide, with more than 5,000 dedicated to finding and delivering next-generation innovation at over 100 research sites and 2,000 testing locations worldwide. The company serves roughly 10 million farmers and customers in 125 countries.

Corteva's five years by the numbers:

• Surpassed $78 billion in cumulative net sales^[2] 
• Increased annual operating EBITDA by over $1.3 billion (63%)^{[2] [3]} 
• Delivered total shareholder return of approximately 140% ^[4] 
• Launched approximately 2,000 new products to help farmers increase yields^[2]
• Established over 700 agreements globally to help research start-ups, universities and others to advance cutting-edge agriculture technology
• Delivered technology backed by more than 7,000 added patents
• Developed the world's only germplasm pool to produce corn with yields over 600 bu/ac
• Met robust sustainability innovation criteria in 100% of new solutions in product pipeline
• Through strategic partnerships, enhanced over one million acres of land supporting biodiversity and regenerative agriculture outcomes

To learn more, see the Corteva 2023 Annual Report and Sustainability Report.

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^[1] The transgenic soybean event in Enlist E3® soybeans is jointly developed and owned by Corteva Agriscience LLC and MS Technologies, L.L.C.

^[2] Financial and selected product information reflects data from the period January 1, 2019 – December 31, 2023; comparative financial periods use data for the year ended December 31, 2018^[3] as a base.

^[3] The operating EBITDA information in this presentation does not conform to U.S. GAAP and is considered a non-GAAP measure. Management uses this measure internally for planning and forecasting, including allocating resources and evaluating incentive compensation. Management believes that this non-GAAP measure best reflects the ongoing performance of the Company during the periods presented and provides more relevant and meaningful information to investors as it provides insight with respect to ongoing operating results of the Company and a more useful comparison of year over year results. This non-GAAP measure supplements the Company's U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such a non-GAAP measure may not be consistent with similar measures provided or used by other companies. A definition and reconciliation for this non-GAAP measure to U.S. GAAP is provided on the investors section of the Corteva website, along with more information about supplemental unaudited pro forma financial information that has been used for the years ended December 31, 2018 and December 31, 2019, at the following link: https://cortevaagriscience.gcs-web.com/static-files/4a35d44f-61ca-471b-bfd1-d09ee9edcfd1

^[4] Cumulative data through May 31, 2024

About Corteva

Corteva, Inc. (NYSE: CTVA) is a global pure-play agriculture company that combines industry-leading innovation, high-touch customer engagement and operational execution to profitably deliver solutions for the world's most pressing agriculture challenges. Corteva generates advantaged market preference through its unique distribution strategy, together with its balanced and globally diverse mix of seed, crop protection, and digital products and services. With some of the most recognized brands in agriculture and a technology pipeline well positioned to drive growth, the company is committed to maximizing productivity for farmers, while working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. More information can be found at www.corteva.com. 

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SOURCE Corteva, Inc.

FAQ

What is the significance of Corteva's five-year milestone?

Corteva celebrates five years as a public company, highlighting its innovation in agricultural solutions like Enlist E3 soybeans and Vorceed Enlist corn.

How much has Corteva's annual operating EBITDA increased?

Corteva's annual operating EBITDA increased by $1.3 billion (63%) over the past five years.

What is Corteva's cumulative net sales for the past five years?

Corteva surpassed $78 billion in cumulative net sales over the past five years.

How many new products has Corteva launched in the past five years?

Corteva launched approximately 2,000 new products in the past five years.

How many patents has Corteva added in the past five years?

Corteva added more than 7,000 patents over the past five years.

How much does Corteva invest in innovation daily?

Corteva invests nearly $4 million in innovation every day.

What is the total shareholder return provided by Corteva in the past five years?

Corteva delivered a total shareholder return of approximately 140% over the past five years.

How many people does Corteva employ worldwide?

Corteva employs approximately 22,500 people globally.

What are some key products introduced by Corteva?

Key products include Enlist E3 soybeans, Vorceed Enlist corn, and Utrisha N biostimulant.