In a recent regulatory filing, Indianapolis-based agriculture company Corteva announced a steeper fourth-quarter loss of $253 million, or 36 cents a share, compared to a loss of $55 million, or 8 cents a share, in the same quarter the previous year. However, the adjusted per-share earnings of 15 cents exceeded analysts’ expectations of 6 cents, according to FactSet.
Despite the loss, Corteva reported a 3% drop in revenue to $3.71 billion for the quarter, surpassing analysts’ predicted revenue of $3.61 billion. Organic sales experienced an 8% decline, primarily driven by a 9% decrease in volumes in Latin America. However, prices rose by 1% compared to the previous year.
Looking ahead, Corteva projects sales of $17.4 billion to $17.7 billion for 2024, representing a 2% growth at the midpoint from the prior year. Analysts polled by FactSet anticipate 2024 revenue of $17.59 billion. However, adjusted earnings per share are expected to be $2.70 to $2.90, falling short of analysts’ estimated $3.03.
Corteva remains optimistic about its future performance as it anticipates a return to sales growth in the coming year.
