By Paul Ziobro
Corteva posted higher sales in the fourth-quarter, as double-digit increases in sales volumes were offset by lower prices, but issued per-share earnings guidance for the year below Wall Street estimates.
The Indianapolis-based maker of seed and pesticides on Wednesday said its loss narrowed to $41 million, or 6 cents a share, from a loss of $253 million, or 36 cents a share, in the same quarter a year earlier.
Adjusted earnings were 32 cents a share. Analysts were looking for 31 cents a share, according to FactSet.
Revenue rose 7% to $3.98 billion, below analyst expectations for $4.04 billion.
Sales volume rose 17%, with crop protection up 16%, primarily due to performance in Latin America, while seed volume rose 19% due to the increase in Safrinha corn planted area in Brazil.
Prices were down 4% from last year, due to lower seed pricing in Brazil, as well as price competition in crop protection.
Corteva trimmed its revenue outlook for the current year, where it now expects sales between $17.2 billion and $17.6 billion, down $100 million on either end.
It forecast adjusted per-share earnings between $2.70 and $2.95 for the year. Analysts polled by FactSet expected $3.18.
The company said that overall agriculture fundamentals remain constructive due to record global consumption of corn and soybean, as well as strong production in 2024. It is starting to see stabilization in the crop protection industry but it expects price pressure will persist.
Write to Paul Ziobro at paul.ziobro@wsj.com
(END) Dow Jones Newswires
February 05, 2025 17:20 ET (22:20 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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