1Q results in line with expectations and mostly constructive ag economy Strength of Seed performance demonstrates global demand for top technology Crop Protection declines reflect just-in-time purchases and residual inventory imbalances FY guidance unchanged, 2024 outlook supported by controllable levers INDIANAPOLIS, May 1, 2024 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results for the three months ended March 31, 2024. 1Q 2024 Results Overview Net Sales Income from Cont. Ops (After Tax) EPS GAAP $4.49B $376M $0.53 vs. 1Q 2023 (8) % (38) % (37) % Organic1 Sales Operating EBITDA1 Operating EPS1 NON-GAAP $4.58B $1.03B $0.89 vs. 1Q 2023 (6) % (16) % (23) % "Corteva's first quarter 2024 results were largely as expected. The Seed business once again delivered exceptional performance driven by our advantaged technology and latest product line-up, reflecting farmers' continued investment in products that consistently deliver quality, yield and value.   On Crop Protection, as anticipated, we faced headwinds as the industry continues to work through residual inventory imbalances in key regions and farmers are shifting to just-in-time purchasing. We are expecting growth in the second half of 2024 driven by our differentiated portfolio, leading biologicals products and cost actions. As a result, we are reaffirming full year 2024 guidance as well as reiterating our confidence in the previously-announced 2025 financial framework." Chuck MagroChief Executive Officer First Quarter 2024 Highlights First quarter 2024 net sales decreased 8% versus prior year. Organic1 sales decreased 6% in the same period. Seed net sales grew 2% and organic1 sales increased 5%. Price was up 6% globally, led by continued execution on the Company's price for value strategy and favorable product mix. Volume growth in North America from higher corn deliveries was offset by delayed demand in EMEA2 due to unfavorable weather. Crop Protection net sales decreased 20% and organic1 sales declined 21%, on expected industry headwinds globally. Volume declines were against a strong prior year comparison and primarily due to farmer purchases closer to application window, as well as weather and destocking impacts in EMEA2. Price was down 3% due to a competitive environment in most regions. GAAP income and earnings per share (EPS) from continuing operations were $376 million and $0.53 per share for the first quarter 2024, respectively. Operating EBITDA1 and Operating EPS1 were $1.03 billion and $0.89 per share for the first quarter 2024, respectively. The Company reaffirmed full-year 2024 guidance3 and expects net sales in the range of $17.4 billion to $17.7 billion. Operating EBITDA1 is expected to be in the range of $3.5 billion to $3.7 billion. Operating EPS1 is expected to be in the range of $2.70 to $2.90 per share. Cash provided by operating activities – continuing operations is expected to be in the range of $2.1 billion to $2.6 billion. Free Cash Flow1 is expected to be in the range of $1.5 billion to $2.0 billion. The Company plans to repurchase approximately $1.0 billion shares in 2024. 1Q 1Q % % ($ in millions, except where noted) 2024 2023 Change Organic1 Change Net Sales $4,492 $4,884 (8) % (6) % North America $2,087 $2,202 (5) % (5) % EMEA $1,588 $1,813 (12) % (6) % Latin America $515 $552 (7) % (15) % Asia Pacific $302 $317 (5) % (2) % 1. Organic Sales, Operating EPS, Operating EBITDA, and Free Cash Flow are non-GAAP measures. See page 5 for further discussion. 2. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 3. The Company does not provide the most comparable GAAP measure on a forward-looking basis, except for Free Cash Flow. Seed SummarySeed net sales were $2.8 billion in the first quarter of 2024, up from $2.7 billion in the first quarter of 2023. The sales increase was driven by a 6% increase in price, partially offset by a 2% unfavorable currency impact, and a 1% decline in both volume and portfolio. Price gains were driven by strong execution globally, led by EMEA2, as farmers prioritize the use of top technology to drive higher yields. Volume gains in North America from higher corn deliveries were offset by volume declines in EMEA2 due to delayed demand from unfavorable weather. Unfavorable currency impacts were led by the Turkish lira. Segment operating EBITDA was $748 million in the first quarter of 2024, up 15% from the first quarter of 2023. Price execution, improvement in net royalty expense, and ongoing cost and productivity actions more than offset higher commodity and production costs, and ...