2023-05-03 17:00:56 ET
Corteva ( NYSE: CTVA ): Q1 Non-GAAP EPS of $1.16 beats by $0.23 .
Revenue of $4.88B (+6.1% Y/Y) beats by $140M .
Seed net sales were $2.7 billion in the first quarter of 2023, up from $2.5 billion in the first quarter of 2022. The sales increase was driven by a 17% increase in price and a 2% favorable impact from portfolio and other, partially offset by a 7% decline in volume and a 5% unfavorable currency impact.
CTVA updated its previously provided guidance for the full-year 2023 – increasing sales and earnings expectations for this period, including the impact of its Biologicals acquisitions.
Corteva now expects FY 2023 net sales in the range of $18.6 billion to $18.9 billion vs. $18.1B to $18.4B previously . The consensus estimate is $18.49B.
FY 2023 operating EPS is now expected to be in the range of $2.80 to $3.00 per share from $2.70 to $2.90 previously. The consensus estimate is $2.88.
FY 2023 operating EBITDA is now expected to be in the range of $3.55 billion to $3.75 billion from $3.4B to $3.6B previously.
Shares +0.1% after hours.
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Corteva Q1 results beat estimates, co raises FY 2023 guidance