Q2 2024 Corteva Inc Earnings Call Transcript
Key Points
- Corteva Inc (CTVA) delivered both top and bottom-line growth in Q2 2024, with nearly 250 basis points of operating EBITDA margin expansion.
- The Seed business showed strong performance with 420 basis points of operating EBITDA margin expansion and broad-based pricing gains across all regions.
- Corteva Inc (CTVA) maintained its position as the number one seed provider in the North America market for both corn and soybeans.
- The company registered over 100 new Crop Protection products globally by the end of June, providing farmers with cutting-edge solutions.
- Corteva Inc (CTVA) achieved a 40% increase in royalty income in the first half of the year, driven by new corn trait technologies like PowerCore Enlist.
- Net sales and operating EBITDA were down for the first half of the year, despite the positive Q2 performance.
- The Crop Protection business continues to face challenges due to residual destocking and competitive market dynamics.
- Corteva Inc (CTVA) lowered its full-year net sales guidance by about 1% and operating EBITDA by about 2% due to competitive market dynamics and weather-driven missed applications.
- The company anticipates lower commodity prices and higher interest rates, leading farmers to tighten their operating approach.
- There is uncertainty regarding the planted area in Argentina due to corn stunt, which could impact future performance.
Thank you for standing by. My name is Kayla, and I will be your conference operator today. At this time, I would like to welcome everyone to the Corteva Agriscience 2Q 2024 Earnings. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions)
I will now turn the call over to Kim Booth, Vice President of Investor Relations. You may begin.
Good morning. And welcome to Corteva's second quarter and first half 2024 earnings conference call. Our prepared remarks today will be led by Chuck Magro, Chief Executive Officer; and Dave Anderson, 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
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
