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Wednesday, August 10, 2022

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Corteva reports 14% profit jump, raises full-year forecast


By Ruhi Soni

(Reuters) – Corteva Inc on Thursday reported a 14% jump in second-quarter operating earnings and raised its full-year sales and profit forecasts, benefiting from demand for crop protection products.

U.S. farmers have been encouraged to maximize crop yields after prices of essential grains and oilseeds have surged since the Ukraine war.

Ukraine, long considered the “breadbasket of the Black Sea”, was a major exporter of corn, soybean, and sunflower oil.

Corteva said it recorded a $45 million charge related to exiting its Russian operations.

The Wilmington, Delaware-based agricultural chemicals company, a spin-off of DowDuPont’s historic split in 2019, said its net seed sales grew 4.4% to $3.95 billion as a 7% increase in prices offset lower volumes.

The company’s adjusted operating profits grew 14% to $1.20 billion, or $1.64 per share.

It raised its 2022 net sales forecast to $17.2 billion-$17.5 billion, from its previous guidance of $16.7 billion-$17.0 billion. Full-year operating earnings forecast was raised to $2.45-$2.60 per share from $2.35 to $2.55.

In July, Corteva announced a quarterly dividend of 15 cents per share, up by 1 cent from the previous quarter.

(Reporting by Ruhi Soni in Bengaluru; Editing by Maju Samuel)

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