Corteva, Inc. (CTVA): restructuring charge — Corteva Q3 net loss $315M; affirms FY guidance; announces $410-460M restructuring

Corteva, Inc.

2023-Q3 EPS reported $1.39 revenue$13,519,000,000

Q3 net loss from continuing ops $315M, diluted EPS -$0.45; organic sales down 13% vs prior year.
Seed net sales $878M (+2%) on 14% price; Op EBITDA -$138M, improvement of 38% YoY.
Crop Protection net sales $1.71B (-11%); Op EBITDA $184M (-48%) on volume declines.
FY guidance reaffirmed: net sales $17.0-17.3B, Op EBITDA $3.25-3.45B, Op EPS $2.50-2.70.
Restructuring plan: exit Pittsburg CA site, charges $410-460M, $165-175M impairment in Q4, ~$100M run-rate savings by 2025.

item 2.02 item 2.05 item 2.06 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Corteva, Inc. reported quarter ended September 30, 2023 results: revenue $2.59B, net income $(315)M, EPS $(0.45). Guidance reaffirmed.

Period: quarter ended September 30, 2023
Revenue: $2.59B
Net income: $(315)M
EPS: $(0.45)
Guidance: reaffirmed
Result: reported results

Exact text from the filing

today reported financial results for the third quarter and nine months ended September 30, 2023. 3Q 2023 Results Overview Net Sales Loss from Cont. Ops (After Tax) EPS GAAP $2.59B $(315)M $(0.45) vs. 3Q 2022 (7)% +2% - Organic1 Sales Operating EBITDA1 Operating EPS1 NON-GAAP $2.41B $18M $(0.23) vs. 3Q 2022 (13)% (81)% (92)% 2023 YTD Results Overview Net

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Corteva, Inc. reported nine months ended September 30, 2023 results: revenue $13.52B, net income $1.17B, EPS $1.63. Guidance reaffirmed.

Period: nine months ended September 30, 2023
Revenue: $13.52B
Net income: $1.17B
EPS: $1.63
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Sales Operating EBITDA1 Operating EPS1 NON-GAAP $2.41B $18M $(0.23) vs. 3Q 2022 (13)% (81)% (92)% 2023 YTD Results Overview Net Sales Income from Cont. Ops (After Tax) EPS GAAP $13.52B $1.17B $1.63 vs. 2022 YTD (1)% (7)% (5)% Organic1 Sales Operating EBITDA1 Operating EPS1 NON-GAAP $13.48B $2.99B $2.54 vs. 2022 YTD (1)% +5% +2% 2023 YTD Highlights • 2023 YTD

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Corteva, Inc. announced a restructuring with charges of $410 million to $460 million affecting Crop Protection network of manufacturing and external partners.

Type: restructuring
Charge: $410 million to $460 million
Affected area: Crop Protection network of manufacturing and external partners

Exact text from the filing

The plan includes the exit of the Company’s production activities at its site in Pittsburg, California, as well as ceasing operations in select manufacturing lines at other locations. The Company expects to record aggregate pre-tax restructuring and asset related charges of $410 million to $460 million

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Corteva, Inc. filing history →

Source: SEC EDGAR

accession 0001755672-23-000022

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