05:32 PM EDT, 05/01/2024 (MT Newswires) -- Corteva ( CTVA ) reported Q1 operating earnings late Wednesday of $0.89 per diluted share, down 23% year-over-year.

Analysts polled by Capital IQ expected $0.83.

Net sales for the quarter ended March 31 fell to $4.49 billion from $4.88 billion a year earlier. Analysts surveyed by Capital IQ expected $4.63 billion.

For 2024, the company said it continues to expect operating EPS of $2.70 to $2.90 on net sales of $17.4 billion to $17.7 billion. The consensus is for normalized EPS of $2.83 on revenue of $17.58 billion.

Corteva ( CTVA ) said it intends to buy back roughly $1 billion in shares this year.

The company's shares were up 2% in after-hours activity.

Price: 55.00, Change: +1.09, Percent Change: +2.02