over outlines XXXX next at connect on like that everyone, our I'd of morning, us XXXX QX to to in to closer your framework results, market year all share value to years. a current sustained joining X you and is our Good for fundamentals Kim. our points to us. and a what with Thanks, including off several creation path that an mean are great for thanks I look the might with perspective a that key hope overview start. how of today, financial There
XXXX by X have saying guidance XXXX almost start our finished the years, so to that The past fundamentals improve, continued as ag we than we over so thought we would. reflects Let that. more exactly me
about of to Our demand, seed the with path announced financial our cost a XXXX pillar in while market technologies EBITDA, crop maintaining year-over-year being in ideal improvement initiatives, the about all margins November.
Coupled feel we for which our and delivered advanced we central of protection business is in time delivering in less XX% XXXX, ended high and EBITDA productivity which portfolio good operating and we first conditions. framework operating up strategy, flat than
ensure double-digit Protection, XXXX, basis for we Brazil. year To finished had was to the organic important quarter, drove the which margin it technology our which we that improvement largely growth attributable where into strong, we and sales Crop fourth demand in coming in Particularly good we of XXX momentum was in did. points
Seed #X area. in and solid was pricing. consistently U.S. reduction market the gained business brand accomplishment planted with in corn share given delivered Pioneer We the soybean as This Our quite corn in rank maintaining in America, its XXXX, corn North the coupled with an
traits for well-supplied a the the market Enlist still technology to market. so in including sales their EX companies other own our The XX% XXXX, herbicide Enlist many growing products. U.S., $X.X thanks system, penetration, offerings, billion in has selling despite Enlist soybeans, #X reached soybean in licensing reached
strengthen volume XXXX and demand are Crop in in gains new ongoing to to recovery XXXX the delivered on across increases expected penetration regions. all volume products spinosyns in biologicals, On side, double-digit continued to XXXX. Protection mid-single-digit due in And continue
billion. at income as million, innovative coming healthier North technology, farmer Between by and levels discipline, operating strong flow cash cost $XXX XXXX capital demand $X.X as about for improved our free America, well our in seed in in working almost
to shareholders the for full year. repurchases dividends returned also via $X.X share We approximately billion and
XXXX. in We in billion $X another are repurchases share to committing
less had Seed right technology than down in us protection moving So a industry continues growth of crop And in we deliver our seller. in great to net direction. in quarter fourth performance and are the that summary, XXXX gives ideal confidence another Brazil as to things although was the conditions. year, progress year our transition portfolio of a strength the
Now let's step environment a macro to the discuss into the take current in specifics XXXX. before for Corteva back diving
and As for record Large outlook 'XX record into I the of will evidenced indicates that grains, remain in and constructive, growth by oilseeds enjoyed consumption. continue consumption corn for soybeans. mentioned, and overall demand food and feed, crops as ag fundamentals global global biofuels both XXXX, livestock biofuel demand
We same in income. both farm the farmer to to sector which margins allows in U.S. yields Strong markets of and has key expect production those Brazil, had record improve corn the helped meaningfully. see in
rebound While yields posted U.S. in on And seen industry. the we've by decades. with corn is you farmers signs more the it's demand the are tightest back-to-back tight. grain prices X past China, seeing decade. in years, it's protection ratios, stabilization strong fact notable market if we're the they've crop the stocks-to-use globally the the over Measured on-farm been and exclude corn a X record overall, is remaining of global And in tightest that
For balance. more example, levels has of products pricing over for the the past in inventory months, China are around few coming and stable been out channel world
lesser are Canadian to although preliminary regard we extent, our real, to With namely, assumption plan additional low low view our of gives For today, operational our 'XX by confidence three volume headwinds. This gains. consecutive offset has remains flattish intact, volume XXXX, a us reflect dollar. in single-digit and single-digit headwinds, all shape pricing to come quarters the market Brazilian gains, currency Corteva, improvement of XXXX refining in the of a the with
to participate, the U.S. the will economy throughout XXXX. geographies which strong crops our due results. impact And The agricultural reported dollar dollar impact U.S. we and in will
feed meaningful are we with expansion tranche expecting deflation. continued and still year focus including growth cost bottom and top controllables, line initial another on However, the laser of margin of
gives sales and that in from innovation. royalty third earnings million quarter Benefits us million gross remains. our call, continue improvement, in improvements we future cost $XXX XXXX, that the to our an self-help recall might ability $XX additional R&D invest to in pointed related to and assumption actions, including You and to in
plan plan XXX generation improvement. XX% basis XXXX. of about growth execute of share flow margin year to and about points strong the of cash foresee We Our course $X reflects and EBITDA over another billion repurchases in
corn area crops, markets. positive key setting year stage, on-farm is spend and let's crop the corn on to in protection margins, the few Now the economics, demand farmer and up demand minutes To in good and ag for The improving a set seed for this about assumptions relative 'XX be is and year. the of themes for think responding more strong farmer U.S. to market
look Seed Seed We the It should also of royalty, driven for including mix be to year technology business and year yields and another while farmers offsetting by benefits, continue effective productivity as strong expect of standout our to to pest deflation. effects sales a volatile weather margin boost to cost uplift, and pressures. have improvements increasing improvement, income
plan XXX to another seed launch We new hybrids varieties. and
pipeline is strategy. portfolio in The best our Seed technologies long-standing to yields for the our us from advanced value incremental Our industry. allow the price continue the in
set there strategy technology and the significant. is selling of Our visible, opportunity is
flattish Well, short for did Crop The CP is of make Protection? that big answer is, question we market. the what assumes midpoint our the assumptions a range
comes pricing will the have in volume right down It stabilize. seen to when the environment direction. We trending
today, what the and to the Given assumption we'll as be know we the continue for update this conditions time reasonable seems evolve. most to being, market
spinosyns, growth in led well as For organic double-digit mid-single-digit by biologicals new our products sales Crop Protection overall, business, growth. we're expecting as
robust end the be our expansion If XXXX for year inroads targeting growth will $X for you our presence. biologicals strengthening market remain plan decade. us market And Protection, of on of revenue top Geographically, to both continue strong On we another Crop corn for the will Brazil have it soybean the recall, important existing we're for share, billion biologicals more commercial a to by for us and businesses. key Conkesta in side. with in make a
November the out-licensing revenues investments platforms: 'XX and the that introduced targeting Day, growth I framework new made over value continued remind let to Investor Before provide the the will incremental net we about biologicals from most other where billion David, making in call to you growth value we the we're 'XX a Recall, XXXX. new ramp-up in turn products at in growth. CP to announcements incremental We're significant income, of increased capture through three areas. midterm. over three our $X period me These create are the straightforward
Crop billion out Phase X cost entails that Seed controlling we and across benefits as $X managing in Protection, gross laid SG&A. of program as well the controllables deflation Second, productivity and our
growth about over points That per versus began to commitment to commercial Next, where points as part out of XXXX. of improvement margin execution, XXX XXX targeting basis our EBITDA works in be we're of basis we ongoing year.
forward of margins XX% expecting to we're So with EBITDA X a over to if EBITDA you XXXX, all play at growth CAGR $X XX% which midpoint. of years, X% is the billion this
task We execute a plan, XXXX. first and are our is to this energized by strong
turn the I'd to over David. that, call With like to