Corteva, Inc. reported strong financial results for the fourth quarter of 2024, with net sales increasing 7% to $3.978 billion and organic sales up 13% to $4.2 billion. The company's operating EBITDA for the quarter surged 36% to $525 million, driven by volume growth in both Crop Protection and Seed segments. Full-year 2024 net sales were $16.9 billion (GAAP) and $17.4 billion (organic), with full-year operating EBITDA at $3.4 billion, flat compared to the prior year.
The Crop Protection segment's volume increased 16% in Q4, primarily in Latin America, on demand for new products and biologicals. Seed volume grew 19% due to an expected increase in Safrinha corn planted area in Brazil. For the full year, Seed net sales were $9.5 billion, up 1%, with operating EBITDA up 5% to $2.2 billion, benefiting from price execution and market share gains in North America.
Looking ahead, Corteva provided a positive outlook for full-year 2025, projecting net sales in the range of $17.2 billion to $17.6 billion, representing 3% growth at the midpoint. Operating EBITDA is expected to be $3.6 billion to $3.8 billion, a 10% growth at the midpoint, and operating EPS is forecast at $2.70 to $2.95 per share, also a 10% growth at the midpoint. The company also plans to repurchase approximately $1.0 billion of shares in 2025.
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