Wilmington, Delaware, USA
August 1, 2019

• GAAP earnings per share (EPS) from continuing operations was $0.63, with operating EPS1 of $1.42.
   
• The Company delivered net sales of $5.6 billion, down 3 percent versus the same quarter last year, primarily due to unprecedented weather impacts in North America2.
   
• Outside North America, favorable conditions supported strong organic sales1 growth in both Crop Protection and Seed, up 21 percent and 10 percent for the quarter, respectively.
   
• GAAP net income from continuing operations totaled $0.5 billion, down 50 percent versus the same quarter last year on a pro forma basis3. Operating EBITDA1 was $1.5 billion, down 6 percent versus the same quarter last year on a pro forma basis, with operating EBITDA improvement in Crop Protection from new products and cost savings from synergies offset by currency headwinds and lower Seed results due primarily to declines in the North American market.
   
• The Company realized cost synergies of approximately $200 million for the six months ended June 30, 2019, bringing the cumulative realized savings since merger close to $700 million out of the total $1.2 billion that are expected by 2021.
   
• During the first half 2019, the Company announced new regulatory approvals in Seed, together with new and expanded registrations across the Crop Protection portfolio, including the expanded federal label from the U.S. Environmental Protection Agency for Transform® WG insecticide with Isoclast™ active.
   
• Full-year pro forma operating EBITDA1 is now expected to be in the range of $1.9 billion and $2.05 billion, guidance updated as a result of the impact from unprecedented weather events driving reduced crop planting and loss of early season crop protection applications in North America. Net sales for the full year are expected to be down 3 percent.

Corteva, Inc. (NYSE: CTVA) today reported financial results for the quarter ended June 30, 2019 and provided updated guidance for the full year.

Commenting on the Company’s second quarter 2019 performance, Chief Executive Officer Jim Collins said, “On June 1, 2019, we completed an important separation milestone, becoming a global, standalone, pure-play agriculture company - taking this step during an extraordinary period in our industry. In our initial quarter as a standalone company, we delivered technology-driven, organic growth in nearly all regions despite continued pressure from the unprecedented weather events that challenged near-term market conditions in North America.”

Collins continued, “We remain committed to executing on our priorities and adjusting our actions focused on delivering continuous value for our customers and shareholders. We are delivering on our cost synergy targets, with an additional $200 million realized in the first half, and we continue to demonstrate our commitment to customer-centered innovation through the acceleration of new product launches that are helping to address real-time challenges facing growers around the world.”

Click HERE to view the entire Corteva Agriscience second quarter earnings release.

Website: http://www.corteva.com

Published: August 1, 2019