Corteva Inc., whose seed business is based in Johnston, has announced its third quarter financial results.

The company’s net sales decreased 10% during the quarter from the same period last year and organic sales decreased 5%. Volume was up 3% from last year as growth in the crop protection business offset lower volumes in the seed business, according to the earnings report.

Corteva CEO Chuck Magro said the results were in line with the company’s expectations.

“The crop protection business delivered earnings and margin growth in the quarter led by demand for our differentiated technology along with deflation benefits,” Magro said in a prepared statement. “Following a strong first half, the seed business was impacted by lower planted area in Latin America in the quarter.”

In the third quarter, net sales for the seed business were $691 million, down from $878 million in the third quarter of 2023. The sales decrease reflects a 5% decrease in price, a 12% decline in volume and a 4% unfavorable impact from currency. The lower volumes were due primarily to reduced corn planted area in Argentina.

The division’s net sales during the first nine months of 2024 were $7.77 billion, down from $7.84 billion in the same period last year.

The crop protection business saw less decline in net sales in the third quarter with approximately $1.6 billion, down 4% from $1.7 billion in the same period last year. The decline reflects a 10% decline in price and a 5% unfavorable impact from currency, which were partly offset by an 11% increase in volume.

The increase in volume was driven primarily by Latin American and North American demand for new products, spinosyns, and biologicals, but it was partly offset by residual destocking in Europe, Middle East and Africa, according to the release.

Crop protection’s net sales for the first nine months of 2024 were approximately $5.2 billion, down from $5.7 billion in the same period in 2023.

Magro said the agriculture technology company is on track for margin expansion despite “greater market challenges” in the second half of the year. The report provided updated expectations for the company’s full-year 2024 earnings:

• Corteva expects net sales in the range of $17 billion to $17.2 billion.
• Operating earnings before interest, taxes, depreciation and amortization (EBITDA) is expected to be between $3.35 billion and $3.45 billion.
• Operating earnings per share is expected to be $2.50 to $2.60 per share.

Corteva also shared a preliminary outlook for full-year 2025, including net sales between $17.3 billion and $17.7 billion and operating EBITDA in the range of $3.6 billion to $4 billion.

To view the full earnings report, click here.

Corteva will host a live webcast of its Investor Day event on Nov. 19 from 8-11:30 a.m. More information and registration is available online.