Might 4 (Reuters) – Pesticide and seed maker Corteva Inc CTVA.N on Tuesday reported better-than-expected revenue and income and raised its internet gross sales forecast for the yr, helped by robust demand for its herbicides and pesticides.
The corporate, spun off in 2019 after a merger of Dow Chemical and Dupont, has laid off staff and retired some belongings to chop prices because it faces elevated competitors in North America, a weaker Brazilian actual and sharper focus from shareholders after a battle with activist investor Starboard Worth LP.
First-quarter internet gross sales rose 6%, with robust demand for its new merchandise together with Arylex, Enlist and Rinskor herbicides and Isoclast and Pyraxal pesticides.
File corn and sunflower quantity in Europe, Center East and Africa areas, together with robust Safrinha gross sales in Brazil buoyed seed gross sales.
Corteva stated it now expects internet gross sales for the total yr to vary between $14.6 billion and $14.eight billion, in comparison with between $14.Four billion and $14.6 billion forecast earlier.
The corporate reaffirmed its expectation for working earnings to vary between $1.85 and $1.95 per share.
Corteva, nonetheless, warned that it skilled price will increase in freight and logistics, in addition to uncooked supplies, as international economies reopen after the COVID-19 pandemic.
Working earnings per share of 79 cents for the primary quarter beat estimates of 65 cents, whereas natural gross sales of $4.20 billion surpassed the $3.81 billion anticipated by analysts.
(Reporting by Arathy S Nair in Bengaluru; Modifying by Sriraj Kalluvila)
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