Corteva Profit Forecast Soars Amid Soybean Boom
Corteva, one of the largest crop-protection product makers in the United States, raised its forecast for full-year adjusted profit due to strong demand across key crop markets. The company expects a shift towards soybeans and away from corn will support demand for seed traits as farmers adjust planting decisions in response to higher input costs and tighter margins.
Corteva's shares fell 3.7% in extended trading after revenue for the second quarter came in below analysts' estimates, despite mixed crop prices that saw gains in soybean and corn offset by weak wheat prices amid ample supplies.
The company reported quarterly revenue of $6.38 billion, missing estimates of $6.58 billion, but raised its full-year adjusted earnings forecast to between $3.60 and $3.80 per share, up from a prior view of $3.45-$3.70 per share.