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Corteva (NYSE:CTVA) + 1.4% post-market Thursday after reporting a smaller than expected 3Q adjusted lossas the company said it “expects record demand for grains and oilseeds in 2022” to support continued high prices.
On a GAAP Campus, Corteva (CTVA) resulted in a Q3 net loss of $322 million, or a loss of $0.45 per share, influenced in part by higher input and freight costs in its seed business, from a profit of $36 million in the previous quarter; Net sales in the third quarter increased 17% to $2.78 billion.
Corteva’s Q3 operating income (CTVA) the pesticides business grew 71% year-on-year to $352 million, but the seeds division posted a $224 million loss compared with last year’s loss of $217 million.
Corteva (CTV) reaffirmed full-year guidance of $2.45 – $2.60 per share, in line with analyst consensus estimates of $2.57 and showing 2022 revenue of 17, $2 billion – $17.5 billion, in line with the $17.31 billion consensus.
“While the outlook on agricultural fundamentals is strong, macroeconomic pressures are expected to continue, including currency and inflation in the opposite direction,” said Chief Executive Officer Chuck Magro. “.
Corteva’s (CTVA) stock price returns showing a 42% year-over-year increase and Up 49% in the past year.
