Latest news with #ChuckMagro
Reuters
5 days ago
- Business
- Reuters
Corteva raises annual profit and sales forecast after strong first-half performance
Aug 6 (Reuters) - U.S. agrichemicals company Corteva (CTVA.N), opens new tab raised its annual adjusted profit and sales forecast on Wednesday, following strong performance in the first half of the year, sending its shares 6% higher in extended trading. Reuters had reported in May that U.S. farmers have hit very few snags with corn planting this spring, and the foreseeable future is barrier-free. "While we continue to navigate a fluid macro environment, we are raising our full year guidance as a result of the strength of our global business and the setup for our Latin American business in the second half," said CEO Chuck Magro. The company expects full-year net sales to be in the range of $17.6 to $17.8 billion from $17.2 to $17.6 billion previously. It now forecasts 2025 adjusted earnings to be between $3.00 and $3.20 per share, from a prior view of $2.70 to $2.95 per share. "The improved crop protection results with higher volumes and profits show inventory destocking is behind Corteva. Going forward, we expect differentiated crop protection products will drive long-term profit growth in this business as well," said Morningstar analyst Seth Goldstein. Corteva's net sales rose 5.6% to $6.46 billion during the second quarter, driven by higher sales in all its regions. Analysts, on average, estimated net sales of $6.27 billion, according to data compiled by LSEG. Quarterly net sales at its seeds segment rose 4.8% to $4.54 billion, while that at its crop protection segment rose 7.7% to $1.92 billion. On an adjusted basis, the Indianapolis-based company posted a profit of $2.20 per share for the three months ending June 30, beating analysts' estimates of $1.89 per share, according to data compiled by LSEG. Corteva, among the largest crop-protection product makers in the United States, expects to repurchase about $1 billion of shares during 2025.
Yahoo
5 days ago
- Business
- Yahoo
Corteva raises annual profit and sales forecast after strong first-half performance
By Pooja Menon (Reuters) -U.S. agrichemicals company Corteva raised its annual adjusted profit and sales forecast on Wednesday, following strong performance in the first half of the year, sending its shares 6% higher in extended trading. Reuters had reported in May that U.S. farmers have hit very few snags with corn planting this spring, and the foreseeable future is barrier-free. "While we continue to navigate a fluid macro environment, we are raising our full year guidance as a result of the strength of our global business and the setup for our Latin American business in the second half," said CEO Chuck Magro. The company expects full-year net sales to be in the range of $17.6 to $17.8 billion from $17.2 to $17.6 billion previously. It now forecasts 2025 adjusted earnings to be between $3.00 and $3.20 per share, from a prior view of $2.70 to $2.95 per share. "The improved crop protection results with higher volumes and profits show inventory destocking is behind Corteva. Going forward, we expect differentiated crop protection products will drive long-term profit growth in this business as well," said Morningstar analyst Seth Goldstein. Corteva's net sales rose 5.6% to $6.46 billion during the second quarter, driven by higher sales in all its regions. Analysts, on average, estimated net sales of $6.27 billion, according to data compiled by LSEG. Quarterly net sales at its seeds segment rose 4.8% to $4.54 billion, while that at its crop protection segment rose 7.7% to $1.92 billion. On an adjusted basis, the Indianapolis-based company posted a profit of $2.20 per share for the three months ending June 30, beating analysts' estimates of $1.89 per share, according to data compiled by LSEG. Corteva, among the largest crop-protection product makers in the United States, expects to repurchase about $1 billion of shares during 2025. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-02-2025
- Business
- Yahoo
Corteva reports smaller fourth-quarter loss, shares slip on 2025 profit forecast
(Reuters) -U.S. agrichemicals firm Corteva posted a smaller fourth-quarter loss on Wednesday, helped by strong sales volumes. Crop Protection volume increased 16% over the previous year, driven primarily by Latin America, on demand for new products, while seed volume increased 19% due to the expected increase in Safrinha corn planted area in Brazil. The company's profit has been dented since 2023 by a slump in demand for insecticides and fungicides as farmers have slowed purchases in the face of lower income and rising costs. The insecticide maker said it is beginning to see stabilization in the crop protection industry, with continued volume gains in the fourth quarter, yet it expects price pressure will persist. The company is among the largest crop-protection product makers in the United States, competing with the likes of Syngenta and German firms BASF and Bayer in the agricultural chemicals sector. Shares however were down over 4% after the bell, as Corteva's 2025 earnings forecast fell short of Wall Street expectations, signaling continued volatility in the agricultural market. Corteva forecast full-year 2025 operating earnings to be in the range of $2.70 to $2.95 per share. Analysts' expectation was of $3.13 per share, as per data compiled by LSEG. "As we look to 2025, we acknowledge the fluid macro environment but still see agri market fundametals impproving," CEO Chuck Magro said in a statement. The company expects to repurchase about $1 billion of shares during 2025. Net loss attributable to the Indianapolis-based company came in at $41 million, or $0.06 per share, for the three months ended December 31, compared with a loss of $253 million, or 36 cents per share, last year. Sign in to access your portfolio
