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Corteva reports larger-than-expected loss on low demand and pricing
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Corteva reports larger-than-expected loss on low demand and pricing
Nov 6, 2024 7:58 PM

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.

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