Corteva Analysts Increase Their Forecasts After Upbeat Earnings
Portfolio Pulse from Avi Kapoor
Corteva, Inc. (NYSE:CTVA) reported better-than-expected Q4 earnings, with adjusted earnings of 15 cents per share beating estimates of 6 cents. Quarterly sales were $3.71 billion, a 3.08% decrease year-over-year. The company forecasts 2024 net sales between $17.4 billion and $17.7 billion, with adjusted earnings between $2.70 and $2.90 per share, below the $3.01 estimate. Corteva plans to repurchase approximately $1 billion shares in 2024. Following the earnings report, analysts from Barclays, Wells Fargo, Keybanc, RBC Capital, and Oppenheimer raised their price targets on Corteva.
February 02, 2024 | 6:34 pm
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NEUTRAL IMPACT
Corteva reported better-than-expected Q4 earnings but saw a decrease in sales year-over-year. The company's 2024 outlook is cautious, with net sales and adjusted earnings forecasts below some estimates. Corteva also announced a $1 billion share repurchase plan for 2024.
The positive earnings beat and share repurchase announcement are likely to be viewed favorably by investors, potentially offsetting the negative impact of the sales decrease and cautious 2024 outlook. The mixed signals result in a neutral short-term price direction score.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100