CTA-PB

#356
E.I. du Pont de Nemours and Company Preferred Stock
65.8 0 USD
+0.01%
Market Price
Sector: Basic Materials
Base: USD
Profit Currency: USD
Daily Range
65.50
65.80
Year Range
64.85
72.98
Daily Change
+0.80%
Monthly Change
+1.23%
6 month change
-3.52%
Year Change
-8.83%
Previous Close
65.2 8
Open
65.5 0
Low
65.5 0
High
65.8 0
Volume
2
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Financials

Overview Statement Statistics Dividends Documents

2026

Current report, 31 Aug 2026
EIDP, Inc. current report, 31 August 2026
8-K
Current report, 20 Aug 2026
EIDP, Inc. current report, 20 August 2026
8-K
Current report, 20 Aug 2026
EIDP, Inc. current report, 20 August 2026
8-K
Current report, Q3 FY2026
EIDP, Inc. current report, Q3 FY2026
8-K
Current report, Q3 FY2026
EIDP, Inc. current report, Q3 FY2026
8-K
Quarterly report, Q2 FY2026
EIDP, Inc. quarterly report, Q2 FY2026
10-Q
Quarterly report, Q1 FY2026
EIDP, Inc. quarterly report, Q1 FY2026
10-Q

2025

Annual report, FY2025
EIDP, Inc. annual report, FY2025
10-K
Quarterly report, Q3 FY2025
EIDP, Inc. quarterly report, Q3 FY2025
10-Q
Quarterly report, Q2 FY2025
EIDP, Inc. quarterly report, Q2 FY2025
10-Q

EIDP, Inc. quarterly report, Q1 FY2026

Full document

Business Context and Reporting Period

This Form 10-Q covers the quarterly period ended March 31, 2026, for Corteva, Inc. and its subsidiary EIDP, Inc. Corteva operates in two segments: Seed and Crop Protection. EIDP is a wholly-owned subsidiary of Corteva that continues to file separate reports. The filing includes a combined report where information is equally applicable to both entities unless noted otherwise. A key strategic development is the company's announced intent to separate into two independent publicly traded companies (Seed and Crop Protection), subject to regulatory approval.

Key Financial Metrics

Metric (in millions) Q1 2026 Q1 2025
Net Sales $4,905 $4,417
Net Income (Attributable to Corteva) $720 $652
Diluted EPS $1.07 $0.95
Operating EBITDA (Non-GAAP) $1,438 $1,189
Cash from Operating Activities $(2,891) $(2,109)
Total Debt $3,356 $4,083
Cash and Cash Equivalents $1,964 $2,008

Segment Performance: Seed segment sales were $3,023 million (up 12% YoY) with Operating EBITDA of $1,034 million. Crop Protection sales were $1,882 million (up 10% YoY) with Operating EBITDA of $434 million.

Material Changes vs. Prior Period

  • Revenue Growth: Net sales increased 11% year-over-year, driven by a 6% volume increase, 4% favorable currency impact, and 1% price increase. Volume gains were broad-based, with Seed growth in North America and Crop Protection demand for new products.
  • Profitability: Net income rose 10% to $720 million. Operating EBITDA margin improved due to volume growth, pricing gains, and cost productivity benefits, partially offset by higher selling expenses and compensation.
  • Cash Flow: Operating cash flow turned negative at $(2.89) billion, a deterioration from $(2.11) billion in Q1 2025. This was primarily driven by a $610 million settlement payment to Bayer, higher compensation payments, and lower customer prepayments.
  • Restructuring: Restructuring and asset-related charges increased significantly to $92 million (from $22 million), driven by the new "2026 Restructuring Actions" ($78 million) and ongoing Crop Protection optimization ($14 million).

Guidance, Outlook, and Risks

  • Proposed Separation: The company intends to spin off its Seed and Crop Protection businesses into two independent companies. Management expects both entities to maintain strong balance sheets and investment-grade credit ratings post-separation.
  • Restructuring Outlook: The 2026 Restructuring Actions are expected to be substantially complete by December 2026, with total pre-tax charges estimated at $70–$80 million. These actions aim to generate $115–$125 million in annualized run-rate savings by 2027.
  • Capital Allocation: The company returned approximately $370 million to shareholders in Q1 2026 via dividends and share repurchases. A $1.5 billion contribution to the principal U.S. pension plan was approved for payment by July 31, 2026.
  • Legal and Environmental Risks:
    • Bayer Settlement: Resolved long-standing disputes regarding Enlist E3 soybeans and AAD-1 technology with a $610 million payment (approx. $546 million paid in Q1 2026).
    • PFAS Litigation: Significant exposure remains regarding legacy PFAS liabilities. A $1.185 billion settlement was reached for the Nationwide Water District Settlement. A proposed $875 million settlement with the State of New Jersey is pending court approval.
    • Antitrust: The FTC lawsuit regarding anticompetitive conduct in Crop Protection is ongoing, with a trial expected in 2027. Tentative settlements were reached with the State of Arkansas and multi-district litigation plaintiffs in early 2026.

Investor Verification Checklist

  • Bayer Settlement Impact: Verify the full cash outflow timing and the long-term strategic benefit of terminating royalty obligations on Enlist E3 soybeans.
  • Separation Timeline: Monitor regulatory approvals and the specific capital structure allocation for the proposed spin-off of Seed and Crop Protection.
  • PFAS Liability Exposure: Assess the final terms of the New Jersey Statewide Settlement and the potential for additional state-level natural resource damage claims.
  • Working Capital Seasonality: Confirm the recovery of operating cash flows in subsequent quarters as seasonal receivables collections normalize post-Bayer payment.
  • Restructuring Execution: Track the realization of the projected $115–$125 million in annualized savings from the 2026 restructuring program.