Strong Third Quarter Results
Corteva achieved double-digit operating EBITDA gains in both Seed and Crop Protection businesses, with expectations to deliver over $600 million in controllable benefits for the year, an increase from the previous estimate of $530 million.
Seed Business Performance
The Seed business showed strong performance with $200 million in productivity and deflation benefits, alongside $90 million in royalty improvement. Notably, Corteva has achieved price capture and share gains in North America, with expectations of crossing double-digit trade penetration for Conkesta in Brazil next year.
Crop Protection Growth
The Crop Protection segment experienced solid earnings and margin growth, with full-year EBITDA expected to rise by high single digits. The introduction of a new insecticide active, Varpelgo, highlights the company's commitment to innovation.
Raised Financial Guidance
Corteva raised its full-year operating EBITDA range to $3.8 billion to $3.9 billion, translating to a 14% growth versus the previous year. The company also expects a free cash flow conversion rate of approximately 50%.