Corteva, Inc. (NYSE:CTVA) Q4 2023 Earnings Call Transcript
Corteva, Inc. (NYSE:CTVA) Q4 2023 Earnings Call Transcript February 1, 2024
Corteva, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day and welcome to the Corteva Fourth Quarter 2023 Earnings Call. Today's conference is being recorded. At this time, I'd now like to turn the conference over to Kim Booth. Please go ahead.
Kim Booth: Good morning and welcome to Corteva's fourth quarter and full year 2023 earnings conference call. Our prepared remarks today will be led by Chuck Magro, Chief Executive Officer; and Dave Anderson, Executive Vice President and Chief Financial Officer. Additionally, Tim Glenn, Executive Vice President, Seed Business Unit; and Robert King, Executive Vice President, Crop Protection Business Unit, will join the Q&A session. We have prepared presentation slides to supplement our remarks during this call, which are posted on the Investor Relations section of the Corteva website and through the link to our webcast. During this call, we will make forward-looking statements, which are our expectations about the future. These statements are based on current expectations and assumptions that are subject to various risks and uncertainties.
Our actual results could materially differ from these statements due to these risks and uncertainties, including but not limited to, those discussed on this call and in the Risk Factors section of our reports filed with the SEC. We do not undertake any duty to update any forward-looking statements. Please note in today's presentation, we'll be making references to certain non-GAAP financial measures. Reconciliations of the non-GAAP measures can be found in our earnings press release and related schedules, along with our supplemental financial summary slide deck available on our Investor Relations website. It's now my pleasure to turn the call over to Chuck.
Chuck Magro: Thanks Kim. Good morning everyone and thanks for joining us. I hope your year is off to a great start. There are several key takeaways I'd like to share with you today, including an overview of the market fundamentals, our solid 2023 performance, and an update on our path to incremental value creation by 2025 with a closer look at what's ahead for 2024. First, I would say that our 2023 performance validates the effectiveness of our value creation strategy and its key levers of portfolio simplification, royalty neutrality, product mix, and operational improvements. At our core, we are a technology company and last year, we had more than 400 new product launches. In Seed alone, we introduced 300 new hybrids or varieties, two new product concepts, and 41 new trade or stack registration approvals.
In Crop Protection, our team delivered and launched about 140 new products in two new actives, Adavelt and Reklemel, the latter being the first of its kind, selective nematicide that also has beneficial soil characteristics. The outcome of the strategic and operational actions implemented over the last two years demonstrates the significant progress we have made in converting every dollar of sales into more cash and earnings. With this solid momentum, we entered 2024 on well-positioned and are confident in our ability to deliver value to our customers and other stakeholders. As we look ahead, overall ag fundamentals remain constructive. Large global crop production is being met with rare demand for grain, oilseeds, and biofuels. In North America, corn production and yield for the 2023-2024 crop year is expected to hit a new record despite the productivity challenges that farmers must face related to weather and disease, a testament to the importance of ag technology.
See also 15 Highest Quality Creatine Supplements of 2024 and 10 Highest Quality Egg Brands in the US.
To continue reading the Q&A session, please click here.
