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Corteva sees 2022 sales above market expectations -Breaking

by Mike Robinson

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© Reuters. On June 3, 2019, the logo of Corteva Agriscience (a former DowDuPont division) is shown on a display at New York Stock Exchange. REUTERS/Brendan McDermid

(Reuters) – Corteva (NYSE:) Inc forecasts 2022 sales exceeding market expectations on Wednesday as insecticide- and seed manufacturer benefited from stronger demand and higher prices.

After a merger between Dow Chemical and Dupont in 2019, the company was spun off. It expects net sales to reach $16.7 billion to $17billion by 2022. This is higher than estimates of $16.62billion.

U.S. farmers have begun pre-buying chemicals and seeds to ensure supplies next spring. This is despite rising costs due to increased demand and tighter global supply.

Corteva projected operating earnings before interest tax depreciation, amortization, and amortization (EBITDA), of $2.8 billion to $2 billion. According to Refinitiv, IBES, analysts expected core earnings to reach $2.98 trillion.

Operating earnings before interest taxes, depreciation, amortization and amortization (OEM) for the fourth quarter were reported at $262 millions, 8 cents each share. They compare with 236 million, 4 cents each share a year prior.

In the fourth quarter, net sales of Wilmington, Delaware-based Company rose 8.48% and reached $3.48 million.

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