Corteva Inc (NYSE:CTVA) Q2 2019 Earnings Conference Call - Final Transcript

Aug 01, 2019 • 09:00 am ET


Corteva Inc (NYSE:CTVA) Q2 2019 Earnings Conference Call - Final Transcript


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Good day, and welcome to the Corteva Q2 Earnings Conference Call. Today's conference is being recorded.

I will now turn the call over to Megan Britt, Director of Investor Relations for Corteva. Please go ahead.

Megan Britt

Good morning, everyone. Thank you for joining the second quarter 2019 earnings conference call for Corteva Agriscience. We're making this call available to investors and media via webcast. We have prepared slides to supplement our comments during this call. These slides are posted on the Investor Relations section of our website and through the link to our webcast.

Speaking on the call today are Jim Collins, Chief Executive Officer; and Greg Friedman, Executive Vice President and Chief Financial Officer. In addition, Tim Glenn, Executive Vice President and Chief Commercial Officer; and Rajan Gajaria, Executive Vice President of Business Platform will join the Q&A session.

During this call, we will make forward-looking statements regarding our expectations for the future. I direct you to Slides 2 and 3 of our earnings release for our forward-looking statement disclaimers. All statements that address expectations or projections about the future are forward-looking statements. These statements reflect our current expectations that are not guarantees of future performance and are subject to risks and uncertainty regarding assumptions. We urge you to review our SEC filings for a discussion of some of the factors that could cause actual results to differ materially.

We are providing information on a pro forma basis, prepared in conformity with regulation FX in order to provide the most meaningful comparison, so please take note of the pro forma basis discussion and our earnings release and slides. Unless otherwise specified, all historical financial measures presented today exclude significant items, which can be found in the schedules that accompany our earnings release. We will also refer to non-GAAP measures, a reconciliation to the most directly comparable GAAP financial measure and other associated disclosures are contained in our earnings release and on our website.

Turning to the agenda for the call today, Jim will share accomplishments on our priorities for shareholder value creation and provide perspective on the quarterly financial results, market backdrop and revise full year guidance. Greg will then review our second quarter and first half financial results by segment. Following this review, we will take your questions before wrapping up the call.

With that introduction, it's now my pleasure to turn the call over to Jim.

Jim Collins

Thank you, Megan, and thank you also to those joining our call today. Earlier today, we reported the second quarter results for Corteva, our first quarter reporting as an independent company. Two months ago, on June 1st, we completed the separation of Corteva from DowDuPont, the combination of three and a half years of journey and a significant milestone for our employees, our customers and now we are pleased to say, our shareholders. With our spend, we created a new kind of ag company, a global pureplay built on a foundation of industry leadership and focused on bringing new and integrated solutions to