Corteva's net sales for the first half of 2022 increased 11% year-on-year as it grew 11% in its Seeds and Crop Protection segments. Organic revenue (not an indicator of generally accepted accounting principles) rose 14% over the same period, with growth accelerating across all regions. This was announced by the company's press service.
Specifically, seed net sales increased 3% and organic sales increased 6% yoy, with significant growth in EMEA partly offset by a decline in acreage Corn and the canola production balanced in North America. Price is up 7% globally thanks to the company's continued implementation of its price-for-value strategy and the reimbursement of higher production costs.
While net sales of crop protection products increased by 24% and the Bio-Sales up 28%, primarily at the expense of North and Latin America. Volume growth was driven by new product penetration and strong early demand in Latin America. The rise in prices compensated for rising spending under the influence of inflation in all regions.
Management increased its guidance for full-year 2022 net sales and earnings. Net sales are expected to be in the range of $17,2 billion to $17,5 billion and operating EBITDA to be in the range of $2,95 billion to $3,1 billion -dollar will lie.