Corteva Inc. (NYSE: CTVA), a global pure-play agriculture company, recently reported strong financial results for the 4th quarter and full year of 2022. Despite facing cost inflation and supply chain issues, Corteva delivered double-digit growth in its operating EBITDA and over 200 basis points of EBITDA margin expansion. The company attributes this success to its innovative portfolio, strong market positions, and disciplined execution. Corteva is focused on becoming the leading global integrated agriculture technology solutions company and has plans to invest in its technology pipeline to achieve this goal. The company expects net sales to range from $18.1 billion to $18.4 billion and operating EBITDA to range from $3.4 billion to $3.6 billion for 2023. Corteva’s future looks bright as the outlook for agriculture fundamentals remains robust. The company is well-positioned to take advantage of market opportunities.
Corteva, Inc. (NYSE: CTVA), a publicly traded, global pure-play agriculture company, reported its financial results for the fourth quarter and full-year ended December 31, 2022. The company experienced growth in its seed and crop protection segments, with an 11% increase in net sales for 2022. Organic sales rose 15% in the same period, with gains in all regions. Seed net sales grew 7%, and crop protection net sales grew 17%. Corteva CEO, Chuck Magro, stated that despite unprecedented cost inflation and supply chain challenges, the company delivered double-digit operating EBITDA growth and over 200 basis points of EBITDA margin expansion.
Corteva’s innovative portfolio, strong market positions, and disciplined execution were crucial factors in its success. The company is committed to maximizing productivity for farmers and fulfilling its promise to enrich the lives of those who produce and consume. The company also has a robust pipeline and plans to invest in its technology to become the leading global integrated agriculture technology solutions company.
For 2023, the company expects net sales in the range of $18.1 billion to $18.4 billion and operating EBITDA in the range of $3.4 billion to $3.6 billion. Operating EPS is expected to be in the range of $2.70 to $2.90 per share. Corteva’s previously announced acquisitions of Stoller and Symborg are expected to close in the first half of 2023.
Corteva’s strong financial performance in 2022 and commitment to investing in its technology pipeline position the company for continued growth in the future. The outlook for agriculture fundamentals remains robust, and Corteva is well-positioned to capitalize on the opportunities in the market.
Image provided by Corteva Inc.
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