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BRIEF-Corteva - To Exit Countries That Represent Roughly $800 Million In Annual Revenue

BRIEF-Corteva - To Exit Countries That Represent Roughly $800 Million In Annual Revenue

Reuters · 09/13/2022 11:43
BRIEF-Corteva - To Exit Countries That Represent Roughly $800 Million In Annual Revenue

- Corteva Inc CTVA.N:

  • PLANS TO INVEST ABOUT 8% OF SALES IN RESEARCH AND DEVELOPMENT AND INNOVATION THROUGH 2025 - CONF. CALL

  • SEES 21% TO 23% EBITDA MARGIN IN 2025

  • EXPECTS TO DELIVER ABOUT $400 MILLION IN SAVINGS THROUGH 2025

  • WILL NARROW SEEDS BUSINESS FOCUS TO CORN AND SOYBEAN

  • SEES 2025 NET SALES BETWEEN $19.5 BILLION AND $20.5 BILLION

  • SEES 2025 OPERATING EBITDA BETWEEN $4.1 BILLION AND $4.7 BILLION

  • SEES 2025 OPERATING EPS BETWEEN $3.70 AND $4.35

  • TARGETS ROYALTY NEUTRALITY BY END OF DECADE

  • SEES 2022 SEED UNIT NET SALES OF $8.8 BILLION

  • SEES 2022 CROP PROTECTION UNIT NET SALES OF $8.5 BILLION

  • WILL SIMPLIFY BUSINESS TO FOCUS ON FIVE CORE CROP GROUPS

  • WILL FOCUS ON FRUIT & VEGETABLES, SOY, CEREALS, CORN AND RICE

  • TO CONTINUE TO RIGHTSIZE MANUFACTURING FOOTPRINT AND SUPPLY CHAIN STRUCTURE - CFO

  • EXPECTS 5% OF GLOBAL WORKFORCE TO BE IMPACTED BY COST-SAVINGS ACTIONS

  • WILL SIMPLIFY BUSINESS TO FOCUS ON ABOUT 110 COUNTRIES AND TERRITORIES FROM 140

  • EXPECTS NORMALIZATION OF CROP PRICES IN 2024 AND 2025

  • EXPECTS INFLATIONARY PRESSURES TO BE LESSER IN 2023 THAN IN 2022, BUT STILL SIGNIFICANT

  • SAYS TO EXIT COUNTRIES THAT REPRESENT ROUGHLY $800 MILLION IN ANNUAL REVENUE

Further company coverage: CTVA.N


((Reuters.Briefs@thomsonreuters.com;))