Corteva, Inc. (NYSE: CTVA) revealed that its Board of Directors has approved a new $3 billion share repurchase program. Effective immediately and without expiration, the program provides management with flexibility to decide the conditions for purchasing shares.
This new authorization supplements the company’s existing $2 billion repurchase program announced in September 2022, which had approximately $750 million remaining as of September 30, 2024. The repurchase of shares may occur periodically through open-market or private transactions. The timing, quantity, and value of the shares repurchased will depend on various factors, including Corteva’s stock price, market and economic conditions, legal requirements, and capital priorities, such as organic growth, dividends, and acquisitions.
“This action underscores our Board’s confidence in Corteva’s future and our commitment to returning capital to shareholders,” stated Chuck Magro, CEO of Corteva Agriscience. “The new share repurchase program, alongside our dividend increase earlier this year, reflects Corteva’s strong financial outlook and disciplined approach to capital allocation.”
For more insights into Corteva’s strategy, technology advancements, and financial framework, join the company’s Investor Day webcast today at 9 a.m. Eastern Time. Registration details and the replay can be accessed on the Events and Presentations page of the Corteva Investor Relations website.
INDIANAPOLIS – November 19, 2024 – Corteva, Inc. (NYSE: CTVA) today announced that its Board of Directors authorized a new $3 billion share repurchase program. The authorization is immediately effective, does not expire, and gives management discretion in determining the conditions under which shares may be purchased.
This newly authorized program is in addition to the Company’s existing $2.0 billion program announced in September 2022, which had approximately $750 million remaining as of September 30, 2024. Shares of the Company’s common stock may be repurchased periodically in open-market or private transactions. The actual timing, number and value of shares repurchased under the Company’s authorized share repurchase program will depend on a variety of factors including the market price of Corteva common stock, general market and economic conditions, applicable legal requirements and other business considerations and uses of capital, including organic growth, dividends, and acquisitions.
“This action underscores our Board’s confidence in Corteva’s future and our commitment to returning capital to shareholders” said Chuck Magro, Chief Executive Officer, Corteva Agriscience. “Corteva’s new share repurchase program, together with the Company’s dividend increase earlier this year, demonstrate Corteva’s strong financial outlook and commitment to a disciplined capital deployment strategy.”
For updates on the Company’s strategy, technology pipeline, and financial framework, join Corteva’s previously announced Investor Day, today at 9 a.m. Eastern Time. Registration is available on the Events and Presentations Page of the Corteva Investor Relations website. A replay will be available on the website following the webcast.
About Corteva
Corteva, Inc. (NYSE: CTVA) is a global pure-play agriculture company that combines industry-leading innovation, high-touch customer engagement and operational execution to profitably deliver solutions for the world’s most pressing agriculture challenges. Corteva generates advantaged market preference through its unique distribution strategy, together with its balanced and globally diverse mix of seed, crop protection, and digital products and services. With some of the most recognized brands in agriculture and a technology pipeline well positioned to drive growth, the company is committed to maximizing productivity for farmers, while working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come
