Nov 6 (Reuters) - U.S. agrichemicals firm Corteva ( 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 ( CTVA ) 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 ( CTVA ) net sales fell 10% to $2.33 billion for the
quarter ended Sept. 30.
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.