May 4 (Reuters) - Pesticide and seed maker Corteva Inc
on Tuesday reported better-than-expected profit and
revenue and raised its net sales forecast for the year, helped
by strong demand for its herbicides and insecticides.
The company, spun off in 2019 after a merger of Dow Chemical
and Dupont, has laid off employees and retired some assets to
cut costs as it faces increased competition in North America, a
weaker Brazilian real and sharper focus from shareholders after
a battle with activist investor Starboard Value LP.
First-quarter net sales rose 6%, with strong demand for its
new products including Arylex, Enlist and Rinskor herbicides and
Isoclast and Pyraxal insecticides.
Record corn and sunflower volume in Europe, Middle East and
Africa regions, along with strong Safrinha sales in Brazil
buoyed seed sales.
Corteva said it now expects net sales for the full year to
range between $14.6 billion and $14.8 billion, compared to
between $14.4 billion and $14.6 billion forecast earlier.
The company reaffirmed its expectation for operating
earnings to range between $1.85 and $1.95 per share.
Corteva, however, warned that it experienced cost increases
in freight and logistics, as well as raw materials, as global
economies reopen after the COVID-19 pandemic.
Operating earnings per share of 79 cents for the first
quarter beat estimates of 65 cents, while organic sales of $4.20
billion surpassed the $3.81 billion expected by analysts.
(Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj