The following is a summary of the Corteva, Inc. (CTVA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Corteva's Q1 2024 bottom-line is performing as expected.

• Organic sales in the Seed business have increased by 5%, attributed to a price increase of 6%.

• Crop Protection volumes saw a double-digit decline against Q1 2023 comparison.

• The company aims to add $1 billion of new products in biological sales by the end of 2024 while improving the EBITDA margin by about 200 basis points.

• Approximately 500 new products are due to be released this year, which includes 300 new seed hybrids and varieties.

• Despite foreign exchange impacts, a small currency benefit is expected in the second half of 2024.

• A bottom-line performance aligning with the 2025 financial framework is expected with an EBITDA range of $3.9 billion to $4.4 billion.

Business Progress:

• Corteva plans to differentiate its crop protection portfolio and optimise its global crop protection asset footprint to save $100 million by 2025.

• The company is focusing on enhancing its net technology selling, particularly with the Enlist franchise, expecting to gain $100 million net benefits in 2024.

• There has been significant progression in its seed strategy with growth in Canola and Corn.

• Corteva is examining the impacts of corn stunt disease in Argentina on seed production and farmers' yields.

• Plans for accelerated product updates are in place with an annual update to 20%-25% new genetics in the lineup.

• They expect high spray rates for their Enlist herbicide and anticipate volume growth in the following year.

• The company predicts the contribution from Biological sales to double due to changes in farming conditions and seed planting dynamics.

• An Investor Day is planned for September to discuss new upcoming developments.

More details: Corteva IR

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