Solid first half results led by the strength of the Seed business and operational execution Crop Protection industry impacted by residual destocking and competitive pressures Updated 2024 revenue and operating EBITDA1 guidance lowered to reflect market dynamics Share buyback program and dividend increase demonstrate strong balance sheet and cash flow INDIANAPOLIS, July 31, 2024 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results for the second quarter and six months ended June 30, 2024. 2Q 2024 Results Overview   Net Sales   Income from Cont. Ops (After Tax)   EPS GAAP $6.11B $1.06B $1.51 vs. 2Q 2023 +1 % +20 % +23 % Organic1 Sales Operating EBITDA1 Operating EPS1 NON-GAAP $6.17B $1.92B $1.83 vs. 2Q 2023 +2 % +10 % +14 % 1H 2024 Results Overview   Net Sales   Income from Cont. Ops (After Tax)   EPS GAAP $10.60B $1.43B $2.03 vs. 1H 2023 (3) % (4) % (2) % Organic1 Sales Operating EBITDA1 Operating EPS1 NON-GAAP $10.75B $2.95B $2.72 vs. 1H 2023 (2) % (1) % (1) % "Corteva's results for the first half of 2024 were solid, led by the Seed business and overall operational execution.  Our Seed business segment had another standout performance, hitting a new record for first half operating EBITDA. This reflects the sustained strength of our product portfolio, as farmers continue to rely on our leading technology. We're very proud of our position as the North America seed market leader for both corn and soybeans.  The Crop Protection market is showing signs of stabilization, however we continue to navigate competitive price pressures.  We are encouraged by the Crop Protection business volume improvement in the second quarter and expect that to continue in the second half of the year. We have adjusted our full year 2024 outlook to reflect market realities and the continued focus on controlling the controllables.  We are committed to delivering a strong second half of the year and meeting our commitments to customers and shareholders."  Chuck MagroChief Executive Officer First Half 2024 Highlights First half 2024 net sales declined 3% versus prior year as Crop Protection declines more than offset Seed gains. Organic1 sales decreased 2% in the same period. Seed net sales grew 2% and organic1 sales increased 4%. Price was up 5% globally, led by North America2 with the continued execution on the Company's price for value strategy. Volume declines were driven primarily by unfavorable weather and reduced planted area in EMEA2. Crop Protection net sales and organic1 sales both decreased 11%. Volume declines were driven by weather and destocking impacts in EMEA2, as well as just-in-time purchasing behavior in North America2. Price declined 4% reflecting a broad-based competitive price environment. GAAP income and earnings per share (EPS) from continuing operations were $1.43 billion and $2.03 per share for the first half of 2024, respectively. Operating EBITDA1 and Operating EPS1 were $2.95 billion, and $2.72 per share for the first half of 2024, respectively. The Company updated full-year 2024 guidance3 and expects net sales in the range of $17.2 billion to $17.5 billion. Operating EBITDA1 is expected to be in the range of $3.4 billion to $3.6 billion. Operating EPS1 is expected to be in the range of $2.60 to $2.80 per share. Cash provided by operating activities – continuing operations is expected to be in the range of $2.1 billion to $2.6 billion. Free Cash Flow1 is expected to be in the range of $1.5 billion to $2.0 billion. The Company plans to repurchase approximately $1.0 billion shares in 2024. 1. Organic Sales, Operating EPS, Operating EBITDA, and Free Cash Flow are non-GAAP measures. See page 6 for further discussion. 2. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 3. The Company does not provide the most comparable GAAP measure on a forward-looking basis. See page 5 for further discussion. 4. Enlist E3™ soybeans are jointly developed by Corteva Agriscience LLC and M.S. Technologies L.L.C. Summary of Second Quarter 2024For the second quarter ended June 30, 2024, net sales increased 1% versus the same period last year. Organic1 sales increased 2%. Volume was flat versus the prior-year period as Crop Protection growth offset lower Seed volumes. Crop Protection volume increased 6% over the prior-year driven primarily by Latin America and North America2 on demand for new products and spinosyns, partially offset by residual destocking and unfavorable weather in EMEA2.  Seed volume declined 2% versus prior year due to earlier seasonal deliveries in North America2 partially offset by the delayed season in EMEA2 into second quarter. Price increased 2% versus prior year, reflecting continued execution on the Company's price for value strategy and improved product mix in Seed, partially offset by the competitive price environment in Crop Protection. GAAP income from continuing operations after income taxes was $1.06 billion in second quarter 2024 compared to $880 million in second quarter 2023. Operating EBITDA1 for the second quarter was $1.92 billion, up 10% compared to prior year, translating into approximately 250 basis points of margin improvement. 2Q 2Q % % ($ in millions, except where noted) 2024 2023 Change Organic1 Change Net Sales $6,112 $6,045 1 % 2 % North America $4,400 $4,319 2 % 2 % EMEA $673 $714 (6) % 1 % Latin America $650 $608 7 % 7 % Asia Pacific $389 $404 (4) % (1) %   1H 1H % % ($ in millions, except where noted) 2024 2023 Change Organic1 Change Net Sales $10,604 $10,929 (3) % (2) % North America $6,487 $6,521 (1) % (1) % EMEA $2,261 $2,527