Shares of Corteva Inc. (CTVA), a major agriculture company, plummeted over 10% in pre-market trading on November 7, 2024, following the company's disappointing third-quarter results and a significant cut to its full-year 2024 guidance.
For the third quarter ended September 30, 2024, Corteva reported an adjusted loss of $0.49 per share, much wider than the analyst consensus estimate of a $0.30 loss. Net sales declined 10% year-over-year to $2.33 billion, missing the expected $2.70 billion.
The company attributed the weak performance to lower demand and pricing pressure, particularly in the Latin America region. Corteva's Seed business was impacted by reduced corn planted area in Argentina, while the Crop Protection unit faced volume declines and a competitive pricing environment in Latin America.
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