Agriculture Giant Corteva Shows Seed Strength, Latin America Revenue Spikes 7%
Agriculture Giant Corteva Shows Seed Strength, Latin America Revenue Spikes 7%
Volumes stayed flat compared to the previous year, as growth in Crop Protection countered a decline in Seed volumes.Corteva, Inc. (NYSE:CTVA) shares are trading lower after the company reported second-quarter 2024 revenue results.:
Corteva, Inc. (紐交所:CTVA)股票下跌後，公司報告了2024年第二季度營業收入數據。
Net sales of $6.11 billion missed the consensus of $6.159 billion.
61.1億美元的淨銷售額低於61.59億美元的共識。
Revenue:
毛利率：Q1/2024爲46%；Q1/2023爲44%；235個點子的提高。
- North America rose by 2% Y/Y
- EMEA declined by 6% Y/Y
- Latin America increased by 7%
- Asia Pacific fell 4% Y/Y in the quarter.
- 北美市場同比增長了2％。
- 歐洲、中東、非洲市場同比下降了6％。
- 拉丁美洲市場增長了7％。
- 亞太市場第二季度同比下降了4％。
Volumes stayed flat compared to the previous year, as growth in Crop Protection countered a decline in Seed volumes.
與去年相比，成交量保持不變，作物保護增長抵消了種子體積的下降。
Crop Protection volumes rose by 6% Y/Y, primarily due to increased demand for new products and spinosyns in Latin America and North America.
作物保護產品銷量同比增長了6％，主要得益於拉丁美洲和北美對新產品和新螺菌素的需求增加。
Seed volume declined 2% Y/Y due to earlier seasonal deliveries in North America, partly offset by the delayed season in EMEA into second quarter.
由於北美早期季節性交付的減少，部分抵銷了歐洲、中東、非洲季度延遲的種子體積的下降，種子體積同比下降了2％。
Operating EBITDA for the second quarter was $1.92 billion, reflecting a 10% increase Y/Y and about 250 basis points of margin improvement. Adjusted EPS of $1.83 beat the consensus of $1.73.
第二季度運營EBITDA爲19.2億美元，同比增長10％，利潤率提高約250個點子。調整後的每股收益爲1.83美元，超過1.73美元的共識。
"Corteva's results for the first half of 2024 were solid, led by the Seed business and overall operational execution," CEO Chuck Magro said. "Our Seed business segment had another standout performance, hitting a new record for first-half operating EBITDA. This reflects the sustained strength of our product portfolio, as farmers continue to rely on our leading technology."
"Corteva在2024年上半年的業績穩定，其中種子業務和整體運營執行領先。"首席執行官Chuck Magro說"我們的種子業務部門又取得了出色的表現，創下了上半年運營EBITDA的新紀錄。這反映了我們的產品組合的持續強勁，農民們繼續依靠我們領先的技術。"
"The Crop Protection market is showing signs of stabilization, however we continue to navigate competitive price pressures. We are encouraged by the Crop Protection business volume improvement in the second quarter and expect that to continue in the second half of the year."
"作物保護市場正在顯示穩定跡象，但我們繼續應對競爭性價格壓力。我們對第二季度作物保護業務銷量的提高感到鼓舞，並預計在今年下半年將繼續增長。"
The company plans to repurchase approximately $1 billion worth of shares in 2024.
該公司計劃在2024年回購約10億美元的股票。
Outlook: Corteva sees FY24 operating EPS of $2.60-$2.80 vs. consensus of $2.77 and revenue of $17.2 billion-$17.5 billion vs $17.37 billion estimate.
展望：Corteva預計2024財年運營EPS爲2.60-2.80美元，而共識爲2.77美元，營收爲172億-175億美元，而預估爲173.7億美元。
CFO Appointment: The company also announced the retirement of CFO Dave Anderson, who will transition to a Strategic Advisor role until his retirement in Q1 2025. David Johnson will join as the new Executive Vice President and CFO, effective Sept. 16, 2024.
CFO任命：該公司還宣佈，CFO Dave Anderson退休，將過渡到戰略顧問角色，直至2025年第一季度退休。David Johnson將於2024年9月16日加盟，擔任新的執行副總裁兼CFO。
Investors can gain exposure to the stock via Global X AgTech & Food Innovation ETF (NASDAQ:KROP) and iShares MSCI Agriculture Producers ETF (NYSE:VEGI).
投資者可以通過Global X AgTech&Food Innovation ETF(NASDAQ: KROP)和iShares MSCI Agriculture Producers ETF(NYSE: VEGI)獲得股票曝光。
Price Action: CTVA shares are down 2.25% at $54.84 premarket at the last check Thursday.
截至上週四的最後檢查時，CTVA股價預市下跌2.25％至54.84美元。
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譯文內容由第三人軟體翻譯。
