Corteva Reports Lower 1Q Profit, Better-than-Expected Sales Growth

- Advertisement -


By Maria Armental

- Advertisement -
- Advertisement -

Corteva Inc. reported a 10% sales increase for the March quarter, helped by higher prices and strong market fundamentals.

The company, which had paused sales in Russia following that country’s invasion of Ukraine, has begun a plan to stop production and all business activities in Russia. In addition, Corteva said it would donate seed to Ukraine, Africa and the Middle East for the 2023 growing season to lessen the impact on global food production.

- Advertisement -

First-quarter profit fell to $564 million, or 78 cents a share, from $600 million, or 80 cents a share, a year earlier. Profit from continuing operations fell to 79 cents a share.

Net sales rose to $4.60 billion, from $4.18 billion a year earlier, helped by higher prices. Analysts surveyed by FactSet had expected $4.48 billion.

Corteva now expects $2.35 to $2.55 a share in operating earnings for the year, up from its earlier view of $2.30 to $2.50 a share, reflecting lower average share count.

It still expects $16.7 billion to $17 billion in net sales.

Write to Maria Armental at [email protected]

,

Credit: www.marketwatch.com /

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox