WASHINGTON (dpa-AFX) - Corteva, Inc. (CTVA), a global agricultural products company, on Wednesday reported weaker third-quarter results and lowered its full-year outlook, citing deteriorating market conditions in Brazil.
The company reported a consolidated net loss attributable to Corteva of $570 million, or $0.85 per share, compared with a net loss of $320 million, or $0.47 per share, in the prior-year quarter. The latest results included a $41 million loss from discontinued operations.
Net sales declined 6% to $2.46 billion from $2.62 billion. Loss from continuing operations attributable to Corteva widened to $527 million, or $0.79 per share, from $308 million, or $0.46 per share.
For its pro forma results, which reflect the company's continuing operations, Corteva reported a net loss of $54 million, or $0.08 per share, compared with income of $60 million, or $0.09 per share, a year earlier.
Pro forma net sales fell 9% to $1.59 billion, while adjusted pro forma operating EBITDA declined 17% to $222 million. Adjusted pro forma operating earnings per share was $0.06 versus $0.14.
Latin America organic sales plunged 31%, reflecting weaker Brazilian market conditions, elevated channel inventories and farmers' financing constraints. North America organic sales rose 7%, EMEA increased 14% and Asia Pacific advanced 5%.
For full-year 2026, Corteva now expects adjusted pro forma operating EBITDA of $1.1 billion to $1.125 billion and adjusted pro forma operating earnings per share of $0.76 to $0.80 per share.
Previously, the company expected full-year 2026 guidance with Operating EBITDA expected to be $4.1 billion to $4.3 billion, growth of 9% at the mid-point, and operating earnings per share of $3.60 to $3.80 per share.
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