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Corteva profit up 20% on solid demand for crop protection products -Breaking

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© Reuters. FILE PHOTO: The emblem for Corteva Agriscience, a former division of DowDuPont, is displayed on a display screen on the New York Inventory Trade (NYSE) in New York, U.S., June 3, 2019. REUTERS/Brendan McDermid

(Reuters) – Corteva (NYSE:) Inc on Wednesday reported a 19.6% rise in working earnings for the primary quarter, pushed by robust demand for crop safety merchandise akin to herbicides and pesticides.

A surge in costs of corn and soybean has inspired U.S. farmers into pre-buying seeds and chemical sprays for spring season after the Russia-Ukraine battle disrupted provides from key exporting areas.

Gross sales of the corporate’s crop-protection merchandise rose 23% within the quarter, boosted by robust early demand for herbicides in North America on provide issues.

“Trying forward, we anticipate wholesome market fundamentals to proceed given file crop costs, robust farm earnings ranges and demand for meals globally”, Chief Government Officer Chuck Magro stated in a press release.

The Wilmington, Delaware-based firm’s web gross sales rose 10.12% to $4.6 billion.

Corteva stated adjusted working earnings stood at $708 million, or 97 cents per share, within the three months ended March 31, in contrast with $592 million, or 79 cents per share, a 12 months earlier.

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