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Corteva slips after mixed Q2 results

Aug. 05, 2020 6:25 PM ETCorteva, Inc. (CTVA) StockCTVABy: Carl Surran, SA News Editor4 Comments
  • Corteva (NYSE:CTVA) -1.9% after-hours as Q2 adjusted earnings edge estimates, partly due to cost cuts, but revenues slip 3% to $5.4B.
  • The company says good weather and higher planted area shifted corn volumes in North America from Q2 to Q1, while its pesticides business was pressured by a strong performance last year when the Latin America season started earlier.
  • After suspending its FY 2020 forecast in May due to uncertainty from the COVID-19 crisis, Corteva now foresees full-year operating EPS of $1.25-$1.45, with operating EBITDA of $1.9B-$2B and net sales growth of 1%-2%, which translates to a sales range of $13.98B-$14.12B.
  • The company's original estimates were for earnings of $1.45-$1.55/share on sales of ~$14.5B, reflecting a weaker Brazilian real and weaker corn demand; analyst consensus forecast saw EPS of $1.40 on sales of $14.2B.
  • Corteva says its H2 priorities include accelerating productivity actions and supporting the launch of key innovations, such as its Enlist weed control system.
  • Corteva, along with CF Industries and Nutrien, recently was double upgraded to Buy from Underperform at Bank of America on a broadly improving ag outlook.

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