Thu, Aug 1, 9:26 PM (88 days ago)
Corteva, Inc. reported net sales of $6,112 million for Q2 2024, a 1% increase compared to Q2 2023, driven by a 2% price increase. Cost of goods sold decreased to $2,918 million, attributed to ongoing cost and productivity actions. Restructuring and asset-related charges rose to $92 million due to severance and asset-related charges associated with the Crop Protection Operations Strategy Restructuring Program. Income from continuing operations after taxes was $1,056 million, up from $880 million in Q2 2023. Operating EBITDA increased to $1,953 million from $1,778 million, driven by seed price execution and cost actions, partially offset by higher input costs. For the first half of 2024, net sales were $10,604 million, down 3% due to a 4% volume decrease and 1% unfavorable currency impact. Cost of goods sold decreased to $5,468 million. Restructuring and asset-related charges were $167 million, up from $93 million. Income from continuing operations after taxes was $1,432 million, slightly down from $1,487 million. Operating EBITDA was $2,951 million, down from $2,977 million, impacted by higher input costs and unfavorable currency. The company returned $730 million to shareholders and announced a 6.25% increase in the dividend. Future outlook includes net sales of $17.2-$17.5 billion and Operating EBITDA of $3.4-$3.6 billion.