Corteva trims 2024 forecasts on pricing pressure in crop protection
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
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
