Corteva Delivers Strong 1Q 2025, Reaffirms 2025 Outlook

PR Newswire

INDIANAPOLIS, May 7, 2025

   -- First quarter sales reflect demand for growth platforms and strength of 
      technology portfolio 
 
   -- Continued operational excellence results in improved cost position 
 
   -- Full-year 2025 guidance3 reaffirmed, including progress on 2027 value 
      framework 

INDIANAPOLIS, May 7, 2025 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results for the first quarter ended March 31, 2025.

 
1Q 2025 Results Overview 
------------------------------------------------------------------------------ 
                                       Inc. from 
                                       Cont. Ops (After Tax 
                    Net Sales          )                      EPS 
---------------  -------------------  ---------------------  ----------------- 
   GAAP           $4.42B               $667M                  $0.97 
   vs. 1Q 2024    (2) %                77 %                   83 % 
---------------  -------------------  ---------------------  ----------------- 
                    Organic(1) Sales   Operating EBITDA(1)    Operating EPS(1) 
---------------  -------------------  ---------------------  ----------------- 
   NON-GAAP       $4.61B               $1.19B                 $1.13 
   vs. 1Q 2024    3 %                  15 %                   27 % 
 

First Quarter 2025 Highlights

   -- First quarter 2025 net sales decreased 2% versus prior year. Organic1 
      sales increased 3% in the same period. 
 
   -- Seed net sales declined 2% and organic1 sales increased 2%. Price was up 
      3%, with gains in most regions, led by favorable product mix and 
      continued execution on the Company's price for value strategy. Volume 
      growth in North America2 from increased corn area was more than offset by 
      seasonal timing shifts in EMEA2 and planted area shifts in LATAM. 
 
   -- Crop Protection net sales decreased 2% and organic1 sales increased 3%. 
      Price declined 2% due to competitive market dynamics globally. Volume 
      improved 5%, with gains in most regions, driven by demand for new 
      products and biologicals. 
 
   -- GAAP income and earnings per share (EPS) from continuing operations were 
      $667 million and $0.97 per share, respectively. 
 
   -- Operating EBITDA1 and Operating EPS1 were $1.19 billion, and $1.13 per 
      share, respectively. 
 
   -- The Company reaffirmed full-year 2025 guidance3 and expects net sales in 
      the range of $17.2 to $17.6 billion. Operating EBITDA1 is expected to be 
      $3.6 to $3.8 billion. Operating EPS1 is expected to be $2.70 to $2.95 per 
      share. 
 
   -- The Company plans to repurchase approximately $1 billion of shares during 
      2025. 
 
                                    1Q      1Q          %                    % 
 ($ in millions, except 
 where noted)                       2025    2024   Change    Organic(1) Change 
--------------------------------  ------  ------  -------  ------------------- 
 Net Sales                        $4,417  $4,492    (2) %                  3 % 
 North America                    $2,210  $2,087      6 %                  6 % 
 EMEA                             $1,477  $1,588    (7) %                    - 
 Latin America                      $442    $515   (14) %                (1) % 
 Asia Pacific                       $288    $302    (5) %                (2) % 
 
 
 
1. Organic Sales, Operating EPS, and Operating EBITDA 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. See page 4 for further discussion. 
 

_____________________________________________________________

"In the first quarter, Corteva delivered on rising demand for our differentiated technology, while our focus on cost discipline and operational excellence in both businesses delivered net cost reductions and margin expansion. As a result, we achieved year-over-year growth and a strong first quarter performance overall.

While we continue preparations to navigate a fluid macro environment, we also expect to continue such performance over the course of 2025 -- including double digit earnings growth and continued margin expansion -- and are therefore reaffirming our full year guidance. Our 2027 financial framework also remains on track as we gain momentum from our next generation technology pipeline coming to market."

Chuck Magro

Chief Executive Officer

_____________________________________________________________

Seed Summary

Seed net sales were $2.71 billion in the first quarter of 2025, down from $2.75 billion in the first quarter of 2024. The sales decline was driven by a 4% unfavorable currency impact and a 1% decline in volume, partially offset by a 3% increase in price.

Price gains in most regions, led by North America(2) , demonstrate demand for top technology and the strength of the portfolio. Volume declines in EMEA(2) due to timing shifts and in LATAM primarily due to impacts from reduced 24/25 corn area in Argentina, more than offset higher volume on increased corn area in North America(2) and Brazil. Unfavorable currency impacts were led by the Brazilian Real, Turkish Lira, and Euro.

Segment operating EBITDA was $842 million in the first quarter of 2025, up 13% from the first quarter of 2024. Price execution, net cost and productivity benefits, and net royalty improvement more than offset increased investment in R&D, and the unfavorable impact of currency. Segment operating EBITDA margin improved by about 390 basis points versus the prior-year period.

 
                                     1Q       1Q          %                  % 
---------------------------------  -------  -------  ------  ----------------- 
   ($ in millions, except 
   where noted)                       2025     2024  Change  Organic(1) Change 
---------------------------------  -------  -------  ------  ----------------- 
 
  North America                     $1,597   $1,471     9 %                9 % 
   EMEA                               $826     $918  (10) %              (3) % 
   Latin America                      $185     $271  (32) %             (19) % 
   Asia Pacific                        $99      $91     9 %               11 % 
 
  Seed Net Sales                    $2,707   $2,751   (2) %                2 % 
---------------------------------  -------  -------  ------  ----------------- 
   Seed Operating EBITDA              $842     $748    13 %                N/A 
 

Crop Protection Summary

Crop Protection net sales were approximately $1.71 billion in the first quarter of 2025 compared to approximately $1.74 billion in the first quarter of 2024. The sales decline was driven by a 5% unfavorable currency impact and a 2% decrease in price, partially offset by a 5% increase in volume.

Volume improvement was driven by demand for our technology, new products and biologicals. Price declined globally on continued competitive market dynamics. Unfavorable currency impacts were led by the Brazilian Real, Turkish Lira, and Euro.

Segment operating EBITDA was $377 million in the first quarter of 2025, up 22% from the first quarter of 2024. Raw material cost benefits, productivity savings, and volume growth more than offset price pressure and the unfavorable impact from currency. Segment operating EBITDA margin improved by about 425 basis points versus the prior-year period.

 
 
                                      1Q       1Q         %                  % 
   ($ in millions, except 
   where noted)                       2025     2024  Change  Organic(1) Change 
---------------------------------  -------  -------  ------  ----------------- 
 
  North America                       $613     $616       -                1 % 
   EMEA                               $651     $670   (3) %                3 % 
   Latin America                      $257     $244     5 %               19 % 
   Asia Pacific                       $189     $211  (10) %              (8) % 
 
   Crop Protection Net Sales        $1,710   $1,741   (2) %                3 % 
---------------------------------  -------  -------  ------  ----------------- 
   Crop Protection Operating 
    EBITDA                            $377     $310    22 %                N/A 
 

2025 Guidance

Globally, from an overall industry perspective, Ag fundamentals are somewhat mixed. On-farm demand remains strong as farmers continue to prioritize the need for top-tier technology to maximize and protect their yields. Global stocks-to-use levels of corn are the tightest they have been in over a decade despite record yields in 2024. Although corn is faring relatively well so far this year, and is less reliant on export trade, overall crop prices and margins have moderated as planted area shifts and trade uncertainty begins to weigh on the markets. In Crop Protection, our latest view of the market for the full year is a "flattish" environment, with volume gains offset by pricing headwinds. For Corteva, we are expecting full-year high-single-digit volume gains in excess of low-single-digit pricing headwinds. Although the effects of tariffs have not been formally reflected in our guidance, we are not expecting a material net impact on our full-year 2025 results given policies in place today. Global grain and oilseed demand is not expected to decline, regardless of any changes in trade flows.

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