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Corteva Inc. (CTVA) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Corteva's financial performance, reporting net sales of $16.908 billion, a decrease from $17.226 billion in the previous year. The decline in sales was attributed to a 1% decrease in price and a 3% unfavorable currency impact, partially offset by a 2% increase in volume.
Cost of goods sold for the year was $9.529 billion, down from $9.920 billion in the prior year, primarily due to favorable currency effects, cost and productivity actions, and a reduction in Seed royalty expense.
The company reported a net income of $919 million, compared to $747 million in 2023. Income from continuing operations after income taxes was $863 million, down from $941 million in the previous year.
Corteva's operating EBITDA was $3.376 billion, slightly down from $3.381 billion in the prior year, driven by competitive Crop Protection pricing and continued investment in Seed research and development.
During 2024, Corteva returned approximately $1.5 billion to shareholders through share repurchases and dividends. The Board of Directors approved a 6.25% increase in the quarterly common stock dividend.
The company completed the acquisitions of Stoller Group Inc. and Symborg, enhancing its Crop Protection business with additional biological tools.
Corteva initiated the Crop Protection Operations Strategy Restructuring Program, aiming to optimize its manufacturing network. The program is expected to incur charges between $650 million and $700 million and achieve $180 million in savings by 2027.
The company also continued its 2022 Restructuring Actions, which included withdrawing from Russia, with expected savings of $210 million to $220 million by 2025.
Corteva's liquidity remains strong, with cash, cash equivalents, and marketable securities totaling $3.169 billion as of December 31, 2024. The company has access to approximately $6.3 billion in committed and uncommitted credit lines.
The filing also highlights various risk factors, including regulatory approvals, competition, geopolitical conflicts, and environmental matters, which could impact Corteva's operations and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Corteva Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.