Corteva, a provider of seed- and crop-protection services, has revised its full-year sales and earnings forecast due to weakness in the Brazilian agricultural market. The company anticipates third-quarter sales of approximately $2.6 billion, falling short of the $2.69 billion expected by analysts.
Moreover, Corteva foresees a third-quarter loss of about 45 cents per share from continuing operations. Furthermore, the company has lowered its sales outlook for the full year to $17.0 billion to $17.3 billion, down from the previous guidance of $17.9 billion to $18.2 billion provided in August.
Additionally, Corteva has adjusted its operating earnings guidance for the year to $2.50 to $2.70 per share, a decrease from the earlier range of $2.75 to $2.90 per share.
Corteva specifically points to Brazilian farmers significantly delaying orders as a contributing factor. Record production in Brazil's recent crop season, coupled with higher inflation and unfavorable exchange rates, has also placed pressure on margins for Brazilian farmers.
Corteva is set to release its third-quarter results on November 9, during which Chief Executive Chuck Magro will provide insights into the company's initial views for 2024.