2021 First-Quarter Highlights (compared with 2020 First Quarter):
Net income was $532 million, up $484 million from the year ago quarter.
Earnings per common share (EPS) for the quarter were $0.48, an increase of $0.45.
Return on average assets for the quarter was 1.76%, return on average common equity was 18.7%, and return on average tangible common equity was 23.7%.
Tangible book value per common share increased $0.36, or 4%, to $8.64.
Fully-taxable equivalent total revenue increased $216 million, or 19%.
Fully-taxable equivalent net interest income increased $182 million, or 23%, including the benefit of the $144 million mark-to-market of interest rate caps and $45 million of accelerated accretion from PPP loan forgiveness.
Net interest margin increased 34 basis points to 3.48%, including the 51 basis point benefit of the mark-to-market of interest rate caps and the 16 basis point benefit from accelerated accretion from PPP loan forgiveness.
Corteva Reports Fourth Quarter and Full Year 2020 Results, Provides 2021 Guidance
News provided by
Share this article
Share this article
WILMINGTON, Del., Feb. 3, 2021 /PRNewswire/ Corteva, Inc. (NYSE: CTVA) ( Corteva or the Company ) today reported financial results for the fourth quarter and 12 months ended December 31, 2020.
4Q 2020 Results Overview
+5%
1. Organic Sales, Operating EPS, Pro Forma Operating EPS, Operating EBITDA and Pro Forma Operating EBITDA are non-GAAP measures. See page A-6 for further discussion. 2. Full Year 2019 GAAP information is on a pro forma basis and was determined in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. Non-GAAP measures for these periods are reconciled to the GAAP pro forma measure. 3. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 4. Full year 2020 improvement over prior-year Income from Continuing Operations After Income Taxes and GAAP
(b)
The following table entitled GAAP to Non-GAAP Reconciliations presents the computations of certain financial measures related to tangible common equity and cash efficiency. The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
(c)
(d)
December 31, 2020, ratio is estimated and reflects Key s election to adopt the CECL optional transition provision.
GAAP to Non-GAAP Reconciliations
(dollars in millions)
The table below presents certain non-GAAP financial measures related to tangible common equity, return on average tangible common equity, pre-provision net revenue, and cash efficiency ratio and certain ratios excluding notable items.
Notable items include certain revenue or expense items that may occur in a reporting period which management does not consider indicative of ongoing financial performance. Management believes it is useful to consider certain fina