Corteva Sales Fall 9% as Latin America Organic Sales Drop 31%

Corteva’s third-quarter sales fell 9% to $1.59 billion as Latin America weakened, while North America and EMEA grew and the company set full-year adjusted operating EPS guidance of $0.76 to $0.80.

Adjusted EPS was $0.06 per share. Adjusted operating EBITDA fell 17% to $222 million. Companywide volume slipped 2%, while pricing declined 7%.

Latin America organic sales dropped 31%, with volume down 24%. In Brazil, farmer liquidity constraints, high financing costs, elevated channel inventories and delayed purchasing weighed on demand. Competition in older crop protection products also pressured pricing.

North America organic sales rose 7%, supported by 19% volume growth from new products. EMEA organic sales increased 14%. CEO Luke Kissam said Corteva performed well on factors within its control, though Brazil was weaker than expected.

Corteva set full-year adjusted operating EPS guidance at $0.76 to $0.80 and adjusted operating EBITDA guidance at $1.1 billion to $1.125 billion. The company said the outlook reflects softer Brazilian market conditions.

The results follow Corteva’s Oct. 1 separation of its seed business into Vylor, leaving Corteva focused on crop protection.