NEW YORK - Shares of Corteva Inc. (NYSE:CTVA) plunged over 9% in after-hours trading on Monday (NASDAQ:MNDY) after the agricultural technology company reported third quarter results that fell short of analyst expectations and provided disappointing guidance.
The company posted an adjusted loss per share of $0.49 for Q3, wider than the $0.29 loss analysts were anticipating. Revenue came in at $2.46 billion, below the $2.71 billion consensus estimate.
For the full year 2024, Corteva now expects earnings per share of $2.50 to $2.60, below the $2.67 Wall Street was projecting. The company sees revenue of $17.0 billion to $17.2 billion, compared to the $17.23 billion analyst consensus.
Looking ahead to 2025, Corteva provided a preliminary sales outlook of $17.3 billion to $17.7 billion, which falls short of the $17.93 billion analysts were forecasting.
"Despite greater market challenges in the second half of the year, we are still on track for margin expansion in 2024," said CEO Chuck Magro. He noted the company faced headwinds from reduced corn planted area in Latin America during the quarter.
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