🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

Corteva reports larger-than-expected loss on low demand and pricing

Published 11/06/2024, 04:35 PM
Updated 11/06/2024, 05:42 PM
© Reuters. FILE PHOTO: The logo and trading info for Corteva Agriscience, a former division of DowDuPont, is displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., June 3, 2019. REUTERS/Brendan McDermid/File Photo
CTVA
-

(Reuters) - U.S. agrichemicals firm Corteva (NYSE:CTVA) reported a larger-than-expected loss on Wednesday, hurt by lower sales and prices for its products, leading the company to also cut its full-year sales outlook.

A decline in agricultural commodity prices has forced many farmers to rein in their spending on crop chemicals, hurting companies such as Corteva which makes pesticides and insecticide.

Additionally, demand for crop protection chemicals also remains subdued in South America as floods in one of the top grain producer, Brazil, hit demand.

Corteva's net sales fell 10% to $2.33 billion for the quarter ended Sept. 30.

© Reuters. FILE PHOTO: The logo and trading info for Corteva Agriscience, a former division of DowDuPont, is displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., June 3, 2019. REUTERS/Brendan McDermid/File Photo

It also cut its sales forecast for the year to $17.0 to $17.2 billion, from its previous estimate of $17.2 billion to $17.5 billion.

The Indianapolis-based company reported a loss of 49 per share for the July-to-September period, compared with average analysts' estimate of a loss of 30 cents per share, according to data compiled by LSEG.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.