EIDP, Inc., a subsidiary of Corteva, Inc., reported a decline in net sales and profitability for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, net sales were $2,326 million, down 10% from $2,590 million in Q3 2023. For the nine months, net sales decreased to $12,930 million from $13,519 million, reflecting a 4% decline. The decrease in sales was attributed to an 8% drop in prices and a 5% unfavorable currency impact, partially offset by a 3% increase in volume.

The company's income from continuing operations after income taxes for Q3 2024 was a loss of $519 million, compared to a loss of $315 million in Q3 2023. For the nine months, income from continuing operations was $913 million, down from $1,172 million in the prior year. Net income for Q3 2024 was $(521) million, compared to $(318) million in Q3 2023, while for the nine months, net income was $958 million, slightly down from $998 million.

EIDP's performance was impacted by significant restructuring and asset-related charges, which totaled $199 million for the nine months ended September 30, 2024, up from $95 million in the same period last year. The restructuring program, initiated to optimize the Crop Protection network, is expected to incur total pre-tax charges of $650 million to $700 million, with actions anticipated to be substantially complete by the end of 2026.

In terms of segment performance, the Seed segment reported net sales of $691 million in Q3 2024, down 21% from $878 million in Q3 2023, primarily due to a decrease in volume and unfavorable currency impacts. The Crop Protection segment saw net sales of $1,635 million, a 4% decline from $1,712 million in the prior year, driven by price reductions and currency effects, although volume increased by 11%.

As of September 30, 2024, EIDP reported total assets of $43,413 million, a slight increase from $43,373 million at the end of 2023. Cash and cash equivalents decreased to $2,421 million from $2,644 million at the end of 2023. The company’s total current liabilities were $10,413 million, slightly up from $10,405 million at the end of 2023.

EIDP's restructuring efforts and strategic decisions, including acquisitions and operational adjustments, are expected to shape its financial trajectory moving forward. The company continues to navigate market challenges while focusing on optimizing its operations and enhancing shareholder value through share repurchase programs.