Corteva Q4 Loss Narrows; Sales Rise - Quick Facts

Corteva, Inc. (CTVA) on Thursday reported fourth-quarter net loss attributable to the company of $21 million or $0.03 per share, narrower than net loss of $531 million or $0.71 per share in the year-ago period.

Operating earnings for the quarter were $0.07 per share, compared to operating loss of $0.10 per share in the prior-year quarter.

Net sales for the quarter increased 6 percent to $2.98 billion from $2.82 billion in the same period last year, with organic sales increases of 9 percent.

On average, analysts polled by Thomson Reuters expected the company to report loss of $0.12 per share on revenues of $2.92 billion. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2020, the company forecast net sales of about $14.5 billion and operating EBITDA of about $2.2 billion for the same period. The company also forecast operating earnings between $1.45 and $1.55 per share.

The Street expects earnings of $1.48 per share for the year on revenues of $14.43 billion.

Separately, Corteva said it is accelerating the ramp-up of Enlist E3 soybeans to U.S. and Canadian farmers over the next five years, reinforcing the commitment to its Enlist technology.

According to Corteva, it continues to see strong demand for the technology from farmers, retailers and independent seed companies. The company expects planted acreage projections in 2020 to approach 20 percent of the U.S. market - double the original expectations.

During the five-year ramp-up period, Corteva expects to significantly reduce the volume of products with the Roundup Ready 2 Yield and Roundup Ready 2 Xtend herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform after the completion of the ramp-up of the Enlist weed control system.

The company also said it recently received import authorization in China for the Conkesta soybean insect control trait, which will be offered as a stack with the Enlist E3 soybean herbicide trait in Latin America in the early 2020s.

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