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CORTEVA, INC.

(CTVA)
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Corteva lifts sales forecast on strong demand for crop protection products, seeds

08/05/2021 | 05:53pm EDT
The logo and trading info for Corteva Agriscience, a former division of DowDuPont, is displayed on a screen at the NYSE in New York

(Reuters) - Corteva Inc on Thursday raised its net sales forecast for the year after strong demand for crop protection products such as herbicides and insecticides helped the agricultural company beat estimates for the second quarter.

Corteva also announced a new $1.5 billion share repurchase program, in addition to a $1 billion buyback announced in 2019, which the company expects to complete by the end of 2021.

The company's shares rose 3.7% to $43.00 in extended trade.

Last month, it increased its common stock dividend by 7.7% to 14 cents per share.

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. Last month, it said Chief Executive Officer James Collins Jr will retire, months after activist investor Starboard Value LP sought to oust him.

Corteva forecast 2021 net sales between $15.2 billion and $15.4 billion, versus an earlier estimate of $14.6 billion to $14.8 billion. Analysts were expecting $14.82 billion, according to Refinitiv IBES.

Net sales rose 8.4% to $5.63 billion in the second quarter, surpassing an estimate of $5.33 billion, while total crop protection sales jumped about 12% to $1.85 billion due to demand for its new products including Arylex herbicide and Pyraxalt insecticide.

Seed sales rose 7% to $3.78 billion in the quarter thanks to increased soybean acreage in North America and higher volumes on the back of more normalized delivery timing in the region.

The Wilmington, Delaware-based company said operating earnings per share rose to $1.04 billion, or $1.40 per share, in the quarter ended June 30, from $944 million, or $1.26 per share, last year.

Analysts on average had expected a profit of $1.26 per share.

(Reporting by Arunima Kumar in Bengaluru; Editing by Devika Syamnath and Maju Samuel)


ę Reuters 2021
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Analyst Recommendations on CORTEVA, INC.
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Financials (USD)
Sales 2021 15 293 M - -
Net income 2021 1 232 M - -
Net cash 2021 2 153 M - -
P/E ratio 2021 24,2x
Yield 2021 1,31%
Capitalization 31 063 M 31 063 M -
EV / Sales 2021 1,89x
EV / Sales 2022 1,78x
Nbr of Employees 21 000
Free-Float 99,9%
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Technical analysis trends CORTEVA, INC.
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 42,31 $
Average target price 50,83 $
Spread / Average Target 20,1%
EPS Revisions
Managers and Directors
James C. Collins Chief Executive Officer & Director
David John Anderson Chief Financial Officer & Executive Vice President
Gregory R. Page Non-Executive Chairman
Debra King Chief Information Officer & Senior Vice President
Sam Eathington Chief Technology Officer & Senior Vice President
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