Corteva, Inc. reported a net sales decrease of 10% to $2.33 billion for the third quarter of 2024, with organic sales down 5% to $2.46 billion. The company posted a GAAP loss from continuing operations of $519 million, resulting in a GAAP EPS of $(0.76). Operating EBITDA for the quarter was a loss of $100 million, a 656% decrease from the prior year, reflecting a challenging market environment.
The Seed segment's net sales were $691 million, down 21%, with an operating EBITDA loss of $320 million, primarily due to reduced corn planted area in Argentina. Conversely, the Crop Protection segment saw net sales of $1.6 billion, a 4% decrease, but its operating EBITDA increased 34% to $246 million, driven by raw material deflation and productivity savings. Volume growth in Crop Protection, particularly in Latin America and North America, partially offset lower Seed volumes.
For the full year 2024, Corteva updated its net sales guidance to a range of $17.0 billion to $17.2 billion, representing a 1% decline at the midpoint. Operating EBITDA guidance was adjusted to $3.35 billion to $3.45 billion, indicating 1% growth at the midpoint, while operating EPS is now expected to be $2.50 to $2.60 per share, a 5% decline at the midpoint. The company also provided a preliminary 2025 outlook, projecting net sales of $17.3 billion to $17.7 billion and operating EBITDA of $3.6 billion to $4.0 billion, representing 2% and 12% growth at the midpoints, respectively.
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