Corteva Inc. CTVA shares are trading higher in Wednesday's after-hours session after the company reported its fourth-quarter earnings results. Here's a look at the details.
What To Know: Corteva reported quarterly adjusted earnings of 15 cents per share which beat the analyst estimates of six cents, a 6.25% decrease over earnings of 16 cents per share from the same period last year.
The company reported quarterly sales of $3.71 billion which surpassed analyst expectations of $3.62 billion. The figure represents a 3.08% decrease over sales of $3.83 billion from the same period last year.
Corteva did however see several metrics decline, including a net sales decrease of 3%, versus the same period last year, and an organic sales decrease of 8%. Volume declined 9% compared to the same period last year with Latin America contributing to the decrease due to, "ongoing headwinds in the Crop Protection segment and strategic product exits."
It is also worth noting that operating EBITDA rose 4% in the quarter $386 million, compared to the prior year.
The company sees 2024 net sales between $17.4 billion and $17.7 billion, versus the estimate of $17.608 billion. Adjusted earnings are anticipated to be between $2.70 and $2.90 per share, versus the $3.01 estimate.
Corteva also plans to repurchase approximately $1.0 billion shares in 2024.
"Corteva's 2023 results reflect the execution of our value creation strategy, including its focus on productivity, differentiated product mix, and cost discipline. This, alongside a stand-out performance from our Seed business, allowed us to deliver growth in earnings, cash and margin despite an ongoing imbalance in the global crop protection industry," said Chuck Magro, Corteva CEO.
"Overall agriculture fundamentals remain constructive, with record-setting demand for grain, oilseeds, meat and biofuels continuing into 2024."
CTVA Price Action: Shares of Corteva were up 4.55% at $47.55 in the after-hours session at the time of publication, according to Benzinga Pro.
Related Link: Nextracker Stock Shines After-Hours: Company Reports Q3 Results Above Estimates, Raises FY 2024 Guidance
Photo: Albrecht Fietz from Pixabay
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