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Corteva (NYSE:CTVA) +1.4% post-market Thursday after reporting a smaller than anticipated Q3 adjusted loss, as the corporate mentioned it “expects report demand for grain and oilseeds in 2022” to help continued excessive costs.
On a GAAP foundation, Corteva (CTVA) swung to a Q3 internet lack of $322M, or a lack of $0.45/share, damage partly by increased enter and freight prices in its seeds enterprise, from a revenue of $36M within the year-ago quarter; Q3 internet gross sales rose 17% Y/Y to $2.78B.
Q3 working earnings in Corteva’s (CTVA) crop safety enterprise jumped 71% Y/Y to $352M, however the seeds unit posted a $224M working loss in comparison with final yr’s section lack of $217M.
Corteva (CTV) reaffirmed full-year steering for earnings of $2.45-$2.60/per share, in keeping with $2.57 analyst consensus estimate, and sees FY 2022 revenues of $17.2B-$17.5B, in keeping with $17.31B consensus.
“Whereas the outlook for ag fundamentals is robust, macroeconomic pressures are anticipated to proceed, together with forex and inflation headwinds,” CEO Chuck Magro mentioned.
Corteva’s (CTVA) inventory value return reveals a 42% YTD achieve and a 49% enhance in the course of the previous yr.
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