Corteva, Inc. stock research
FY2023 Q4
Corteva (CTVA) Gross Margin — Quarter Ended Dec 31, 2023
Revenue increased from the prior quarter, while gross profit rose in line with revenue, resulting in a gross margin that was slightly lower. Compared to the same quarter last year, revenue was slightly lower, gross profit was stable, and gross margin improved.
Gross margin takeaway
Quarter ended Dec 31, 2023 · FY2023 Q4
Revenue increased from the prior quarter, while gross profit rose in line with revenue, resulting in a gross margin that was slightly lower. Compared to the same quarter last year, revenue was slightly lower, gross profit was stable, and gross margin improved.
- The gross margin was slightly lower than the prior quarter but higher than the same quarter last year, driven by a proportionally smaller increase in cost of revenue relative to revenue growth from the prior quarter.
- Compared to the prior quarter, revenue and gross profit both increased, while gross margin weakened marginally. Compared to the same quarter one year earlier, revenue was slightly lower, gross profit was essentially unchanged, and gross margin improved.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
36.2%
Gross profit
$1.3B
Revenue
$3.7B
Cost of revenue
$2.4B
Quarter-over-quarter change
-0.3 pts
Year-over-year change
+1.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2023 | $4.9B | $2.1B | $2.8B | 43.3% |
| Jun 30, 2023 | $6.0B | $2.9B | $3.1B | 48.1% |
| Sep 30, 2023 | $2.6B | $944.0M | $1.6B | 36.4% |
| Dec 31, 2023 | $3.7B | $1.3B | $2.4B | 36.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2023
-0.3 pts
Year-over-year change
Dec 31, 2022
+1.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin was slightly lower than the prior quarter but higher than the same quarter last year, driven by a proportionally smaller increase in cost of revenue relative to revenue growth from the prior quarter.
Compared to the prior quarter, revenue and gross profit both increased, while gross margin weakened marginally. Compared to the same quarter one year earlier, revenue was slightly lower, gross profit was essentially unchanged, and gross margin improved.
Monitor the trend in cost of revenue relative to revenue, as its proportion increased from the prior quarter.