Corteva, Inc. (CTVA), headquartered in Indianapolis, is a leading provider of agricultural products. With a market cap of $38.7 billion, the company specializes in seeds, crop protection products, and digital solutions and caters to the agricultural input industry. The company announced it will release its second quarter 2024 earnings on Wednesday, July 31, 2024, after the stock market closes.
Ahead of the event, analysts expect Corteva to report a profit of $1.77 per share, a 10.6% jump from $1.60 per share in the year-ago quarter. Moreover, the company has surpassed Wall Street’s bottom-line estimates in each of the last four quarters.
Its EPS of $0.89 per share for the last reported quarter surpassed the consensus estimate by 12.7%. This success can be credited to its robust innovation and expansion and solid performance in the Seed business.
For fiscal 2024, analysts expect Corteva to report an EPS of $2.79, up 3.7% from $2.69 in fiscal 2023. Fiscal 2025 EPS is expected to grow 24% annually to $3.46.
CTVA stock has rallied 15.9% on a YTD basis, slightly underperforming the broader S&P 500 Index's ($SPX) 17.2% gains while edging past the S&P 500 Material Sector SPDR Fund’s (XLB) 7.4% return over the same time frame.
Corteva had a solid start to 2024, highlighting robust growth in its fiscal Q1 earnings report with a net income of $419 million and beating the bottom-line consensus estimate. However, the company’s revenue stood at $4.49 billion, slightly falling short of the Wall Street projections of $4.56 billion. Following its Q1 earnings report release on May 1, shares of CTVA jumped 5.7% in the subsequent trading session.
The company is on track to achieve its 2025 financial targets, with plans for organic sales growth and numerous product launches. Despite challenges in Crop Protection, Corteva anticipates a strong second half, driven by volume increases in Latin America and new biological sales. Corteva reaffirmed its full-year guidance, emphasizing its commitment to long-term financial goals and innovation in agricultural technology.
The consensus opinion on Corteva stock is moderately bullish, with a “Moderate Buy” rating overall. Out of 22 analysts covering the stock, 14 advise a “Strong Buy” rating, two recommend a “Moderate Buy,” and six suggest a “Hold” rating.
The average analyst price target for Corteva is $62.76, indicating a potential upside of 13% from the current price levels.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
