call. to and welcome everyone Thanks, the Chuck
for provides on X, start which Let’s the the financial results quarter. Slide
In quarter start up North XX%, America in strong the a led see execution increased and Russia. currency Chuck with sales and pricing the in Volumes pricing in numbers, good EMEA. in crop the was first Eastern both as of reflecting quarter, total, primarily gains XX% exits had As actions the and quarter represent Global XXXX, we headwinds, headwind. included Central million from X% portfolio can seed by the The Europe. or from with exit Compared down to year. organic the these protection. management a strategic expected, both for $XXX price and are you have of said to the for segments,
strong increase and prior due offset of coupled of for $X.X announced were quarter conditions product with Pacific than driving productivity were translated EBITDA input more in Latin and performance supply in expansion. by XX%. exit the quarter, more operating tight Pricing, X% mix basis top into unfavorable exits. currency to The conditions previously headwinds, growth higher XXX down our and Russia. offset America, points our largely Crop more of an year, than than with line costs drought billion margin down the product product Protection weather America, volumes new in in and Asia Feed from versus volumes Latin
Let’s now reported can in where as to the execution value the delivered in sales that X% offset billion. sales headwinds up continue to by region. price were sales you EMEA, were led and offset for region price higher we see every Slide costs. quarter on Organic currency go net strong our by X, XX% also business. which than input gains $X.X more Seed pricing in up strategy We to
and North technology. volume due were to driven in by Latin year, in planted expected prior for declines with were and by volumes EMEA Seed demand X% soybean our timing to coupled volume America These decision in driven down America EMEA exit delivery by new Russia as up area. XXXX more seed gains than versus corn with were lower and down APAC offset volumes
delayed seed impact, as due in and were constraints America as strength down volume the been the the harvest quarter have seed driven would to in Brazil’s Russia Latin Brazilian the in season excluding shortened soybean by supply safrinha Declines largely of well Now XXXX. X% fourth volumes quarter. a region
availability recall, and regarding Brazil growers in product accelerated purchases year you will last As with concerns supply.
were to the XX% as an X%, higher exit prior million were exit impact headwind value glyphosate EMEA. to Crop Crop our and the up by materials strategic up by commodity billion. to globally Russia. these excluding pricing Protection offset quarter, up currency raw Crop from notably Protection sales in in volumes of broad-based pricing as and $XX actions sales gains, were X% compared year net our technology from the driven Organic approximate was differentiated of of down impacted our X% Protection the for the reflecting exits. portfolio well $X.X
in customer $XXX March of the Arylex incremental driven approximately European on net new demand and you’ll the growth Continued quarter. both on million business X% for X, penetration was biologicals herbicides sales acquisitions And on finally, $XX of products strong which Enlist in by sales added Currency as currencies. recall the largely units, million was headwinds closed added quarter. we of
raw cost commodity $XX through both million inventory dry as costs the and in in sold we higher Protection versus saw and across quarter. from impacts businesses headwinds. EMEA for Crop these and yield year that, EBITDA $X.XX productivity demand offset were material approximately partially increased offset prior more inflation higher savings more market-driven approximately yield let’s With than EBITDA by for operating performance. $XXX first higher customer incurred and go mix of advantage product than X million We currency a Operating cost Slide driven million technology and headwinds. quarter the summary billion. delivered Pricing $XXX other in Seed America. Latin to of costs X% we and up weather to which
SG&A timing actions execution quarter spend leading as also with down as in a compared was million spending basis technology. of quarter, up in the on XXX points we sales to benefit and targeted the ag prior was reflects maintain cost the year to percent in $XX the in support first commissions R&D aligned position roughly increases of expense. Investment of our disciplined
Now, May call on investments you is this can more R&D provide and R&D to learn at pipeline technology of update details at the going the X. on our end that Kim more about call. innovation
the biologicals driven the of as remeasurement currencies. first and Currency other impact from by a the in $XXX Now, an favorable from investment, headwind and million portfolio driven was equity the by gains in XXXX. of well March month which of of primarily $X half of as EBITDA European were quarter sold the the in was million absence acquisitions
guidance. I earnings The an to Corteva guidance. flow Slide cash provide and are XX, full in our positive setup want we year update year on revenue, to raising XXXX Turning for full remains and our
acquisitions sales some Now year outlook. are X% This $XX.X performance first the also as in $XXX to additional biologicals. in driven the growth from operational strong be favorability quarter, biologicals million the approximately by of to the or changes to the included midpoint. We is which now expect billion guidance in at $XX.X of billion full in includes inclusion the range the well as the net sales of
expansion $XX EBITDA $XXX XX% represents Operating guidance. or it range over integration to importantly, over are of achieve And prior in from now see acquisitions, $X.XX expect XXX net our costs. the value the the full is roughly a starting over translate are and quality the earnings, points year framework billion indication margin margin includes updated be basis of to creation as million of track the of another XXXX into of guidance our original midpoint, targets. expected the an portfolio strategic we midpoint we of At increase increase prior we higher $XX year. $X.XX million XX.X% range actions year approximately to at of EBITDA billion, million to on now It’s
EPS the the midpoint, in from depreciation as $X.XX of improved acquisitions $X Operating by original be to at accounting. the an as prior is than earnings to purchase reflecting range increase related to year increased operating our offset performance the versus the guidance, X% and of per $X.XX partially expected share, amortization well the higher
capital million We expect be update reflects That our coupled to the billion, an midpoint billion higher free range of XXXX with $X.X earnings, flow from at cash forecast. spending previous the the $XXX in to of increase $X.X guidance. increase to largely an
In returning excess $XXX of quarter, share growth. year. the to million we to the And to million complete finally, allocation. via We repurchases returned approximately dividends while capital and and for committed shareholders share expect total for remain first of strategy, related repurchases balanced we a investing cash shareholders a to $XXX to
With to order want go chains. reversions reference of that, some in we in shifts supply seeing on that color and to and normalized an patterns Slide for are let’s the half It’s due our largely light first XX. year. conditions important to full outlook provide the for more to weather I
will U.S. by continued momentum Specifically, growth and our half increased driven be corn first seed pricing acres.
related coupled to volume is our U.S. headwind seed Latin shortened exit million growth more the the with safrinha However, supply to from approximately volume for offset to Russia. constraints than in $XXX in America, season, expected be
Crop than first expected by new to products growth more volumes will strategic as from be of For half are down exits. product million Protection, offset be $XXX
driven in of chain significant half we In reliability more Additionally, in with by America. interest XXXX we first see customer in as buying improvement behavior growth well supply higher normalized rates, delivered pattern for LatAm, patterns as Latin returning of historical pattern to Latin region. to the particularly and to more sales the year of the so sales full reflect like period. timing XXXX, In order America’s one-third more than the more sales the expect pre-XXXX in we half, second the saw shifting
a of is points. summary other couple Here
the inventory inflation to the cost seasonal the year will half due be sell-through expected, of protection higher higher input the costs. first As in timing and of seed higher of crop
our efficiencies moderating in the to total headwinds the the second consistent low first expected the the first the was rate the half for to quarter seasonal response of digits in inflation single pricing SG&A. digits to in a double-digit towards to weighted in expect digits pattern the The pricing is expected pricing And mid-single portion reflected of with expectations, quarter are drive year. first as improvement We the EMEA. in in of up year half heavily mid-single be be high previous company to currency in the gains headwinds again year, Operational that for be moderate of will Currency of by will to EMEA. and sales half. driven European currencies
effectively In year of SG&A that second acquisitions delivered pattern. finally, biologicals compared biologicals be reflecting expect excluding EBITDA the year. to in will flat be approximately XX% full seasonal half, fact, from And Stoller’s prior we the acquisitions, the will
for relative in EBITDA So XX% second to quarter lower of full growth we of year, and that earnings in first of year. in forecasting which revenue average year-over-year in summary, the the roughly now half the implies year to the the expect we’re both our half be the first
And delivering growth XX another sets results. quarter’s with a with year summarize to America. led is go us The North great start in obviously the by off first key let’s well year Slide up performance for quarter The takeaways. of that, EMEA and to
confident year driven on we’re percentage our that to in track guidance, year expect compared deliver in improvement normalization supply to revenue of we and chain full behaviors. customer largely earnings greater the While of the a half we’re by and XXXX, buying second
operational We’re acquisitions guidance, performance. raising and largely year our driven by biologicals the full
we’re financial that deliver we our on Importantly, on confident track remain to targets. XXXX
me over that, it let to with turn Kim. And
