Corteva (NYSE: CTVA) reported Q4 EPS of $0.04, $0.09 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $3.46 billion versus the consensus estimate of $2.97 billion.

"In 2020, Corteva delivered on our strategy, resulting in strong sales and earnings growth in the quarter and for the year. We delivered these results against the backdrop of historic market volatility and uncertainty related to the ongoing COVID-19 pandemic – a solid proof point of the strength and resilience of our global team.

"Our new and differentiated products contributed to solid top-line growth. We delivered progress in 2020 on key innovations and investments, such as the accelerated ramp-up of our Enlist™ system, which exceeded our initial expectations on U.S. soybean acres in 2020. At the same time, we grew our position in key markets and regions during the year, and further strengthened our multi-channel, multi-brand strategy, including the launch of Brevant™ in the U.S. retail channel.

"We view 2021 as an acceleration point on our path. We are confident that continued penetration of our high-margin technology, coupled with our cost and productivity initiatives, will result in margin expansion in the near term, with more upside further ahead.

"Above all, we are committed to delivering significant value to shareholders. In 2020, we advanced our returns to shareholders through our dividends and the continued execution of our share repurchase program, which we now expect to complete by the end of 2021 – with the majority expected by mid-year. Bottom line: Our strategy is solid. Our team continues to execute. We are confident we will deliver." said James C. Collins, Jr., Corteva Chief Executive Officer.

GUIDANCE:

Corteva sees FY2021 EPS of $1.85-$1.95, versus the consensus of $1.81. Corteva sees FY2021 revenue of $14.4-14.6 billion, versus the consensus of $14.67 billion.

The Company provided guidance8 for the full year 2021. Corteva expects net sales in the range of $14.4 billion to $14.6 billion, which at the mid-point represents expected net sales growth of 2% for the year and organic sales growth of 3% for the year. Operating EBITDA is expected to be in the range of $2.4 billion to $2.5 billion and operating EPS range is expected to be between $1.85 and $1.95 per share. In addition, the Company affirmed its mid-term targets as previously guided in 2019, including targeted compounded annual growth for Operating EBITDA of 12-16% from 2019 through 2022. Corteva is not able to reconcile its forward-looking non-GAAP financial measures to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of its control, such as significant items, without unreasonable effort. This outlook does not contemplate any extreme weather events, operational disruptions, significant changes in customers' demand or ability to pay, or further acceleration of currency impacts resulting from the COVID-19 pandemic.

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