Corteva Reports Larger-Than-Expected Loss

(Reuters) – U.S. agrichemicals firm Corteva (NYSE:CTVA) reported a larger-than-expected loss on Wednesday, impacted by lower sales and prices for its products, prompting a revision of its full-year sales outlook.

A decline in agricultural commodity prices has led many farmers to cut back on spending for crop chemicals, negatively affecting companies like Corteva, which produces pesticides and insecticides.

Moreover, demand for crop protection chemicals remains low in South America, where floods in Brazil, a major grain producer, have dampened demand.

Corteva's net sales fell 10% to $2.33 billion for the quarter ending September 30.

The company also revised its sales forecast for the year downwards to $17.0 to $17.2 billion, from a prior estimate of $17.2 to $17.5 billion.

For the July-to-September period, Corteva reported a loss of 49 cents per share, compared to the average analysts' estimate of a 30 cents per share loss, according to data compiled by LSEG.