CTVA Announces Financial Framework & New $3-B Share Repurchase Plan

Zacks11-21 03:12

Corteva, Inc. CTVA has been making strategic moves to boost overall growth. The company has been focused on maximizing its shareholders’ value. In its latest announcement, CTVA highlighted its ...

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CTVA has been making strategic moves to boost overall growth. The company has been focused on maximizing its shareholders’ value. In its latest announcement, CTVA highlighted its ...</p>\n\n<a href=\"https://finance.yahoo.com/news/ctva-announces-financial-framework-3-191200271.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0630314457.HKD","symbol_name":"NINETY ONE GSF GLOBAL NATURAL RESOURCES \"A\" (HKD) ACC","start_time":0,"source_url":"https://finance.yahoo.com/news/ctva-announces-financial-framework-3-191200271.html","article_id":"2485545175","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/k76SvHQ97fzFG2D61LhDlQ--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/0d254d6326494c42b78642e56b41cc50"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2485545175","pubTimestamp":1732129920,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Corteva, Inc. CTVA has been making strategic moves to boost overall growth. The company has been focused on maximizing its shareholders’ value. In its latest announcement, CTVA highlighted its strategy of delivering value to shareholders by addressing the global headwinds such as food security; climate change, and its intensifying weather and pressures from insects, weeds and diseases; and the energy transition from fossil fuels, which is leading to higher demand for biofuels. Corteva looks to address these issues through innovation.The company’s board has approved a new $3-billion share repurchase authorization, which is effective immediately and does not expire.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0630314457.HKD":"NINETY ONE GSF GLOBAL NATURAL RESOURCES \"A\" (HKD) ACC","NOMD":"Nomad Foods Limited","BK4093":"化肥与农用药剂","LU0128526141.USD":"TEMPLETON GLOBAL SMALLER COMPANIES \"A\" ACC","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU0345781412.USD":"NINETY ONE GSF GLOBAL NATURAL RESOURCES \"A\" (USD) INC","VITL":"Vital Farms, Inc.","BK4212":"包装食品与肉类","LU0345780950.USD":"NINETY ONE GSF GLOBAL NATURAL RESOURCES \"A\" (USD) ACC","BK4585":"ETF&股票定投概念","LU1169590202.USD":"ALLSPRING (LUX)  U.S. SELECT EQUITY \"I\" (USD) ACC","LU1941712264.USD":"ALLIANZ PET AND ANIMAL WELLBEING \"A\" (USD) INC","LU1169589451.USD":"ALLSPRING (LUX)  U.S. SELECT EQUITY \"A\" (USD) ACC","LU1989763690.USD":"东方汇理世代食品基金A2 Acc","LU0053671581.USD":"摩根大通美国小盘成长股 A(dist)","LU1989763427.SGD":"CPR Invest - Food For Generations A2 Acc SGD-H","BK4535":"淡马锡持仓","LU2211817866.USD":"Allianz Food Security AT Acc USD","CTVA":"Corteva, Inc.","LU1941712348.USD":"ALLIANZ PET AND ANIMAL WELLBEING \"AT\" (USD) ACC","FRPT":"Freshpet","BK4588":"碎股","LU0029874061.USD":"TEMPLETON GLOBAL SMALLER COMPANIES \"A\" YDIS INC"},"translate_title":"CTVA宣布财务框架和新的3B美元股票回购计划","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"VITL":1,"NOMD":1,"CTVA":1,"FRPT":1},"content_text":"Corteva, Inc. CTVA has been making strategic moves to boost overall growth. The company has been focused on maximizing its shareholders’ value. In its latest announcement, CTVA highlighted its strategy of delivering value to shareholders by addressing the global headwinds such as food security; climate change, and its intensifying weather and pressures from insects, weeds and diseases; and the energy transition from fossil fuels, which is leading to higher demand for biofuels. Corteva looks to address these issues through innovation. The company’s board has approved a new $3-billion share repurchase authorization, which is effective immediately and does not expire.\nMore on CTVA’s Latest Announcement\nCorteva outlined a new financial framework through 2027: $1 billion in higher net sales from growth platforms, ~$1 billion in cost deflation and productivity gains and nearly $4.5 billion in shareholder returns. CTVA’s six growth platforms, which are core to the aforesaid framework, have been further defined. The first platform is seed and trait out-licensing to reinforce Corteva’s target to be royalty-neutral by the end of 2028; the second is biologicals to target $1 billion in annual revenues by a decade’s end and boost yields; and the third is new crop protection technologies to keep up with the increasing pressures of insects, weeds and diseases.The fourth platform is gene editing to take advantage of the highly-advanced capacity in the industry, with major germplasm to change the way the world farms; the fifth is biofuels to cater to increasing fuel demand from the long-haul transportation sector with low-carbon alternatives; and the sixth platform is hybrid wheat, proprietary system with a potential to generate yield advantages of up to 20% in a water-stressed landscape.Such strategic platforms demonstrate the company’s commitment to constant innovations, along with cost and operational effectiveness. It reinvests 8% of its sales into research and development, which is the equivalent of nearly $4 million per day, to resolve farmers’ most intractable problems.\nDetails on CTVA’s Share Repurchase Plan\nThe company’s newly authorized program is in addition to its current $2-billion program, which was declared in September 2022. The existing program had nearly $750 million available as of Sept. 30, 2024.  CTVA’s common stock might be repurchased periodically in open-market or private transactions. The actual timing, number and value of shares to be repurchased under its share repurchase program will depend on several factors like market price of its common stock, general market and economic conditions, suitable legal requirements, and other business considerations and capital uses such as organic growth, dividends and acquisitions. During the nine months ended Sept. 30, 2024, Corteva bought back $757 million and paid dividends of $340 million. Management anticipates repurchasing roughly $ 1 billion shares in 2024, while cash provided by operating activities from continuing operations is likely to be in the band of $2.1-$2.6 billion. Free cash flow is predicted to be between $1.5 billion and $2 billion.Earlier, this year the company hiked its dividend as well. Such shareholder-friendly actions, coupled with the latest share repurchase authorization, highlights Corteva’s commitment to boosting its shareholders’ value.\nWhat’s More to Know About CTVA?\nCorteva’s shares have gained 22.6% year to date, outperforming the industry’s 10.4% decline.\nImage Source: Zacks Investment Research\nThe company’s strategic initiatives are on track. CTVA’s Crop Protection business has been performing well, buoyed by solid demand for its unique technology and gains from deflation. Corteva looks forward to delivering savings of more than $400 million in 2024. Recently, the company unveiled a revolutionary breakthrough in wheat, which is a first-of-its-kind, proprietary non-GMO hybrid technology. CTVA’s breakthrough hybrid wheat technology looks to grow yield potentially by 10% with the same amount of land and resources; and more resistant to drought. The company currently carries a Zacks Rank #3 (Hold).\nStocks to Consider\nFreshpet, Inc. FRPT, a pet food company, has a trailing four-quarter average earnings surprise of 132.9%. FRPT currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Freshpet’s current financial-year sales and earnings per share (EPS) indicates growth of 23.4% and 193.3%, respectively, from the prior-year levels.Vital Farms VITL, which provides pasture-raised products, currently sports a Zacks Rank of 1. The consensus estimate for Vital Farms’ current financial-year sales and EPS indicates growth of 31% and 40%, respectively, from the prior-year levels.VITL has a trailing four-quarter average earnings surprise of 82.5%.Nomad Foods Limited NOMD, manufacturer and distributor of frozen foods, currently carries a Zacks Rank #2 (Buy). NOMD has a trailing four-quarter average earnings surprise of 3.1%.The Zacks Consensus Estimate for NOMD’s current financial-year sales and EPS indicates growth of 4.9% and 25.5%, respectively, from the year-ago figures.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nFreshpet, Inc. (FRPT) : Free Stock Analysis Report\nNomad Foods Limited (NOMD) : Free Stock Analysis Report\nCorteva, Inc. (CTVA) : Free Stock Analysis Report\nVital Farms, Inc. 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