{"id":33259,"date":"2023-05-03T21:50:12","date_gmt":"2023-05-03T21:50:12","guid":{"rendered":"https:\/\/lynettelockhart.com\/client\/corteva-results-beat-estimates\/"},"modified":"2023-05-03T21:55:04","modified_gmt":"2023-05-03T21:55:04","slug":"corteva-raises-sales-outlook","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/corteva-raises-sales-outlook\/","title":{"rendered":"Corteva raises sales outlook after topping quarterly profit estimates"},"content":{"rendered":"<p>(Reuters) -Agricultural chemical and seed company Corteva Inc on Wednesday raised its full-year forecast after it beat quarterly profit estimates aided by higher prices and strong demand for seeds, sending its shares up 2% in extended trade.\u00a0<\/p>\n<p>Prices of crops have scaled back after rising to record highs as Russia&#8217;s invasion of Ukraine last year hit grain supplies, but still remain higher than historical levels. <\/p>\n<p>Farmers have prioritized on boosting yields to benefit from high prices and offset rising inflation.<\/p>\n<p>The company, spun off in 2019 after a merger of Dow Chemical and Dupont, raised its full-year 2023 sales forecast to $18.6 billion to $18.9 billion, a growth of 7% at the mid-point, while analysts on an average expect $18.49 billion.<\/p>\n<p>&#8220;Tight global grain supply continues to put pressure on ending stocks, keeping crop prices above historical averages and farm income levels healthy,&#8221; Chief Executive Officer Chuck Magro said in a statement.   <\/p>\n<p>Corteva&#8217;s operating core profit came in at $1.16 per share in the quarter ended March 31, compared with the analysts&#8217; estimates of 93 cents.<\/p>\n<p>Net sales from its seed business rose 7% to $2.70 billion during the first quarter as higher prices offset decline in volumes due to delayed soybean harvest and supply constraints in South America.  <\/p>\n<p>Its crop protection segment also posted a 5% rise in net sales.<\/p>\n<p>Peer Syngenta had also reported higher quarterly sales and profit in April by raising prices to offset higher costs caused by more expensive chemicals and transport.<\/p>\n<p> (Reporting by Sourasis Bose in Bengaluru; Editing by Arun Koyyur and Shailesh Kuber)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/corteva-results-beat-estimates\/file-photo-the-logo-and-trading-info-for-corteva-agriscience\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ420XO-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ420XO-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) -Agricultural chemical and seed company Corteva Inc on Wednesday raised its full-year forecast after it beat quarterly profit estimates aided by higher prices and strong demand for seeds, sending its shares up 2% in extended trade.\u00a0 Prices of crops have scaled back after rising to record highs as Russia&#8217;s invasion of Ukraine last year [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":33260,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-33259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ420XO-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/33259","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=33259"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/33259\/revisions"}],"predecessor-version":[{"id":33306,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/33259\/revisions\/33306"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/33260"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=33259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=33259"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=33259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}