Wilmington, Delaware, USA
May 6, 2020

• Delivers Double-Digit Sales and Earnings Increases Over Prior Year
• Implements Initiatives to Ensure Business Continuity and Employee Safety 

Corteva, Inc. (NYSE: CTVA) (“Corteva” or the “Company”) today reported financial results for the quarter ended March 31, 2020.

First Quarter 2020 Results:

• First quarter 2020 reported net sales were $4.0 billion, up 16% versus the year-ago period, with double-digit organic sales1 growth in every region.
• Seed sales rose 25% on a reported basis and 27% on an organic1 basis primarily due to increased corn deliveries in North America3, coupled with strong sunflower and corn sales in Europe.
• Crop Protection sales improved 5% on a reported basis and 10% on an organic basis1 due to increased demand for new products globally, including ArylexTM and EnlistTM herbicides.
• GAAP earnings per share (EPS) from continuing operations were $0.36, up 157% as compared with the same quarter last year.
• GAAP income from continuing operations after taxes was $281 million, up 151% versus the prior-year period.
• Operating EPS1 was $0.59, up 79% and operating EBITDA1 was $794 million, up 53% versus the same quarter last year, as volume and price gains and ongoing cost-improvement actions more than offset exchange losses and currency headwinds.
• Merger cost synergies for the three months ended March 31, 2020 totaled approximately $70 million, reflecting continued progress on productivity initiatives.
• The Company continues to monitor near-term operating conditions with a focus on business continuity – and maintains strong liquidity via commercial paper markets and $8 billion in credit facilities, cash and cash equivalents.
• Management suspends full-year 2020 guidance in light of the COVID-19 crisis and the uncertainty it is creating across global markets, including currency and commodity markets.

 Company Update: Delivering for Stakeholders and Executing with Strength and Resilience Amidst COVID-19:

• Ensuring Employee Safety: Corteva has taken a proactive approach to ensure employee safety. The Company implemented travel restrictions early and transitioned more than 50% of employees to work from home, while taking advanced safety measures for all personnel onsite.
• Prioritizing Customer Service and Support: The Company continued to deliver for customers through increased use of digital capabilities and implementation of robust safety practices, executing product deliveries, as well as providing agronomic services and technical product support for new product launches via new tools.
• Serving Local Communities, Globally: The Company is supporting local food banks, food pantries, and meal delivery and packaging services to fight global food insecurity – while also donating hand sanitizer and personal protective equipment and providing COVID-19 testing to support local hospitals.
• Delivering on Product Pipeline: Corteva recently announced the first registration of Inatreq™ active in Europe – the latest in a series of early registrations for products with favorable environmental profiles. In Seed, increased adoption of new technology, including Qrome® and PowerCore® ULTRA, enabled Corteva to gain momentum in North America and Latin America despite a competitive and challenging environment – an example of the value the Seed pipeline delivers for farmers.
• Demonstrating Supply Chain Resilience: The Company has designed its Crop Protection and Seed supply chains with reliability, flexibility and long-term competitive advantages in mind. In Crop Protection, greater than 80% of Corteva’s global supply chain has sourcing flexibility with more than 65% coming from U.S. sources - and inventory along the value chain for added agility. In Seed, the Company produces products regionally, partnering with a diverse network of local growers around the world to maximize the flexibility and resilience of its supply. 
• Progressing Cost and Productivity Initiatives: Corteva continues to drive strong execution through ongoing progress on merger-related cost synergies and productivity commitments. Specifically in Seed, recent actions reflect a continued focus on internal efficiencies through seed field productivity, inventory management, and asset footprint optimization.

Click here to download the full press release, including CEO commentary, segment detail, and reconciliations of non-GAAP and GAAP measures, or visit the Corteva Investor Relations website.

Website: http://www.corteva.com

Published: May 6, 2020