Analyst Note
| Seth Goldstein, CFA |Corteva reported third-quarter results that were generally in line with our expectations of the cadence for the year. In what is a seasonally unprofitable quarter due to seed costs usually exceeding sales and lower crop protection revenue, adjusted EBITDA was a loss of $51 million versus a $180 million loss in the prior-year quarter. The improved results were driven by higher prices and an increased portion of sales coming from new, higher-margin premium products, partially offset by rising costs.