Corteva 2023 Annual Report Highlights and Analysis

Index:

1. Overview

   1. Revenue

   2. Revenue by segment

   3. Revenue by geography

   4. Operating Margins

   5. 2024 Expectations

2. Seed Business

   1. Licensing

3. Crop Protection

   1. Biologicals

4. Innovation, Patents and R&D

   1. Corteva Catalyst Launch

5. Corteva View on Precision Crop Protection Applications: Is the strategy clear?

6. Other

   1. Inventory

   2. Manufacturing

   3. Litigation

   4. Resources

Overview

Corteva’s 2023 net revenue declined 1% (organic sales decreased 3%) compared to 2022, from $17.45 billion in 2022 to $17.23 billion in 2023.

North America and Europe, Middle East, Africa grew while Latin America and Asia Pacific saw declines.

Seed revenue grew 5% to $9.47 billion.

Crop Protection revenue declined 9% to $7.75 billion.

Operating EBITDA was $3.38 billion, a 5% improvement over 2022. The Corteva operating margin went up to 19.6% from 18.5% in 2022. This was primarily thanks to the operating margins in the seed segment, where they grew to exceed 22%, where as crop protection declined to about 17%.

The gross margins of Corteva grew in 2023 as well, to 42% up from 40% in 2022.

Before Chuck Magro took the helm, Corteva had some of the lowest operating margins of any of the big six crop protection and seed organizations. As of 2023 results, Corteva has become one of the top, and one of the only to grow its operating margins during 2023.

Here is a graphic overview of some financial indicators: