Q3 2024 Corteva Inc Earnings Call Transcript
Key Points
- Corteva Inc (CTVA) is on track to deliver over $400 million in savings from controllable expenses this year.
- The Crop Protection business showed earnings and margin growth, driven by demand for differentiated technology and deflation benefits.
- The Seed business delivered strong performance with approximately $175 million in controllable benefits year-to-date.
- Corteva Inc (CTVA) achieved notable share gains in North America, reflecting the value of its technologies to farmers.
- The company is expecting double-digit operating EBITDA growth in 2025, driven by controllable factors and increased R&D investment.
- Corteva Inc (CTVA) experienced an operating loss in the third quarter.
- Organic sales were down 5% compared to the prior year, with seed sales down 17%.
- The company is facing competitive market dynamics, particularly in Latin America, impacting pricing and sales.
- There is an expected 20% year-over-year reduction in Argentina's corn planted area due to crop issues.
- The Crop Protection market remains mixed, with ongoing challenges in Brazil due to early season conditions.
Thank you for standing by. My name is Ron, and I will be conference operator today. At this time, I would like to welcome everyone to the Corteva Agriscience third quarter 2024 earnings conference call. (Operator Instructions). I would now like to turn the call over to Kim Booth, Vice President of Investor Relations. Please go ahead.
Good morning, and welcome to Corteva's third quarter 2024 earnings conference call. Our prepared remarks today will be led by Chuck Magro, Chief Executive Officer; and David Johnson, Executive Vice President and Chief Financial Officer. Additionally, Tim Glenn, Executive Vice President, Seed Business Unit; and Robert King, Executive Vice President, Crop Protection business unit, will join the Q&A session.
We have prepared presentation slides to supplement our remarks during this call, which are posted on the Investor Relations section of the Corteva website and through the link to our webcast. During this call, we will make forward-looking statements, which
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