Key Takeaways
- Corteva’s net sales increased by 7% in Q4 2024, reaching $4.0 billion, with organic sales up 13%.
- Full-year net sales declined by 2% to $16.9 billion, while organic sales rose by 1%.
- Operating EBITDA for Q4 reached $525 million, up 36% year-over-year.
- The company projects net sales of $17.2 billion to $17.6 billion for 2025.
- Corteva plans to repurchase approximately $1 billion of shares in 2025.
Corteva Fourth Quarter 2024 Financial Performance
Corteva, Inc. (Profile) announced its fourth-quarter and full-year 2024 financial results, showcasing a strong performance despite market headwinds. The company reported Q4 2024 net sales of $4.0 billion, a 7% increase over the prior year, while organic sales grew 13%.
The company posted a net loss from continuing operations of $50 million, or ($0.08) per share under GAAP. However, operating EPS, a non-GAAP measure, stood at $0.32, reflecting a 113% increase compared to Q4 2023.
Full-Year 2024 Overview
For the full year, Corteva reported $16.9 billion in net sales, a 2% decline compared to FY 2023. However, organic sales increased by 1%. GAAP income from continuing operations was $863 million, or $1.22 per share, while operating EPS reached $2.57, a 4% decrease year-over-year.
Financial Summary Of Corteva
| Metric | Q4 2024 (GAAP) | Q4 2024 (Non-GAAP) | FY 2024 (GAAP) | FY 2024 (Non-GAAP) |
|---|---|---|---|---|
| Net Sales | $4.0B | $4.2B | $16.9B | $17.4B |
| Income (Loss) from Continuing Operations | ($50M) | – | $863M | – |
| Earnings Per Share (EPS) | ($0.08) | $0.32 | $1.22 | $2.57 |
| Operating EBITDA | – | $525M | – | $3.4B |
Corteva Segment Performance
Seed Business
Corteva’s Seed segment reported net sales of $1.8 billion in Q4 2024, an 8% increase from Q4 2023. The growth was driven by a 19% increase in volume, offset by a 3% price decline and an 8% currency impact.
For the full year, Seed sales reached $9.5 billion, reflecting a 1% increase, with 3% higher pricing and a 1% volume boost. Operating EBITDA for the segment was $2.2 billion, up 5% year-over-year.
Crop Protection Business
Crop Protection net sales increased 6% in Q4 2024, reaching $2.2 billion, driven by 16% higher volume despite 5% price declines. For the full year, net sales declined 5% to $7.4 billion, impacted by pricing pressures in Latin America.
Despite pricing challenges, segment operating EBITDA for Q4 2024 rose 73% year-over-year to $461 million, benefiting from cost savings and strong demand for spinosyns and biologicals.
Cash Flow and Shareholder Returns
Corteva generated $2.3 billion in cash from operations in 2024, up 27% from the prior year. Free cash flow improved 40% to $1.7 billion, enabling the company to return $1.5 billion to shareholders.
2025 Outlook
Corteva refined its full-year 2025 guidance, expecting:
- Net sales of $17.2 billion to $17.6 billion.
- Operating EBITDA of $3.6 billion to $3.8 billion.
- Operating EPS of $2.70 to $2.95.
- $1 billion in share repurchases.
CEO Chuck Magro commented, “Our results for 2024 reflect our disciplined execution in a challenging environment. We remain optimistic about improving market conditions and Corteva’s ability to drive growth through innovation and value creation for farmers worldwide.”
Read the complete financial results here.
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