U.S. agrichemicals firm Corteva 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 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 net sales fell 10 per cent to $2.33 billion (C$3.25 billion) for the quarter ended Sept. 30.
It also cut its sales forecast for the year to $17.0 to $17.2 billion (C$23.7 billion to 24.0 billion), from its previous estimate of $17.2 billion to $17.5 billion (C$24.0 billion to 24.4 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.
—Reporting by Seher Dareen in Bengaluru
