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By Ben Glickman
Corteva’s third-quarter loss was steady after the company saw a sharp drop in organic sales in the period.
The Indianapolis-based agriculture company posted a loss of $315 million, or 45 cents a share, in the third quarter, compared with a loss of $322 million, or 45 cents a share, a year earlier. Analysts polled by FactSet expected a per-share loss of 44 cents.
Stripping out certain one-time items, Corteva reported an adjusted per-share loss of 23 cents, narrower than the 24 cent loss forecast by analysts, according to FactSet.
Revenue fell 7%, to $2.59 billion, missing the $2.635 billion expected by analysts polled by FactSet.
The company saw a 13% drop in organic sales in the quarter, with lower volumes from strategic product exits and headwinds in the Crop Protection segment.
Corteva saw prices rise 2% in the quarter compared to the prior year.
Write to Ben Glickman at [email protected]
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