XM does not provide services to residents of the United States of America.

Corteva trims 2024 forecasts on pricing pressure in crop protection



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>UPDATE 2-Corteva trims 2024 forecasts on pricing pressure in crop protection</title></head><body>

Recasts paragraph 1, adds forecast, details throughout

July 31 (Reuters) -Corteva CTVA.N cut its annual sales and operating earnings forecasts on Wednesday as the U.S. agrichemicals maker faces declining prices at its crop protection unit, sending its shares down 5.7% in trading after the bell.

A decline in crop prices has forced farmers to rein in on spending, hurting demand for pesticides and insecticides.

"While the global crop protection industry volume has begun to stabilize, pricing pressures have become more pronounced due to the competitive environment and tighter farmer margins," the company said.

Corteva forecast operating earnings in the range of $2.60 to $2.80 per share, compared with $2.70 to $2.90 per share earlier.

Analysts on average were expecting operating earnings of $2.77 per share, according to LSEG data.

Corteva, which competes with Syngenta and German firms BASF BASFn.DE and Bayer BAYGn.DE, expects net sales in the range of $17.2 billion to $17.5 billion, compared with $17.4 billion to $17.7 billion projected earlier.

Corteva's second-quarter crop protection sales were flat from a year earlier as an uptick in volumes was offset by a 5% decline in prices.

Demand for crop protection chemicals remain subdued in South America as floods in top grain producer Brazil hit demand.

Total net sales rose 1% to $6.11 billion, helped by a 2% rise in seed segment.

A 5% rise in prices, especially in North America where corn and soybean production is expected to remain elevated this year amid favorable weather conditions, supported the seeds business.

Corteva, spun off in 2019 after a merger between Dow Chemical and Dupont, reported operating income of $1.83 per share for the three months ended June 30, beat estimate of $1.73.




Reporting by Sourasis Bose in Bengaluru; Editing by Mohammed Safi Shamsi and Sriraj Kalluvila

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.