Corteva, Inc. (CTVA): restructuring charge — Corteva reports Q3 loss, updates FY guidance, announces restructuring cost increase

Corteva, Inc.

2024-Q3 EPS reported $1.35 revenue$12,930,000,000

Q3 2024 net sales $2.33B (-10% YoY); GAAP loss from cont. ops $519M; GAAP EPS -$0.76.
Seed sales $691M (-21% YoY) on lower corn area in Argentina; Seed segment EBITDA -$320M vs -$138M prior year.
Crop Protection sales $1.64B (-4% YoY) but volume +11%; segment EBITDA $246M (+34% YoY).
Updated FY2024 guidance: net sales $17.0-17.2B; Op. EBITDA $3.35-3.45B; Op. EPS $2.50-2.60; expects ~$1B share repurchases.
Restructuring charges revised to $650-700M pre-tax (incl. Pittsburg plant exit); cash $330-360M; completion by end-2026.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

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

Corteva, Inc. announced a restructuring with charges of $650 million to $700 million affecting Crop Protection network of manufacturing and external partners (Pittsburg, California site and select manufacturing lines at other locations).

Type: restructuring
Charge: $650 million to $700 million
Affected area: Crop Protection network of manufacturing and external partners (Pittsburg, California site and select manufacturing lines at other locations)

Exact text from the filing

Management of the Company amended the Crop Protection Operations Strategy Restructuring Program to include revisions to its previous estimates and decommissioning and demolition costs associated with the ceasing of operations, primarily at the Pittsburg, California site. The Company now expects to record aggregate pre-tax restructuring and asset related charges of $650 million to $700 million

View on SEC.gov

20 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Corteva, Inc. filing history →

Source: SEC EDGAR

accession 0001755672-24-000021

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