Corteva Inc. (CTVA) Falls Harder Than Wall Street — Here’s Why

Corteva Inc. (NYSE:CTVA) is one of the 10 Stocks Underperforming the Broader Market.

Corteva fell by 24.30 percent on Thursday to close at $9.19 apiece, as investor sentiment was dampened by the company’s cautious outlook, leading to lower annual growth guidance for the rest of the year.

In an earnings call, Corteva Inc. CEO Luke Kissam said that the company is not anticipating any meaningful improvement in Brazil’s consumer spending behavior in the near term.

Photo by Tima Miroshnichenko on Pexels

“Brazil was already a difficult market… market conditions deteriorated sharply in the final weeks of the third quarter, and we’ve continued to see negative development since then,” he said.

“Too much of the product we sold into the Brazil channel last year didn’t go to ground,” he noted.

In line with the statement, the firm slashed its full-year adjusted core profit outlook to $1.1 billion from $1.3 billion previously.

In the third quarter of the year, Corteva Inc. widened its net loss by 78.6 percent to $568 million from $318 million in the same period last year, while net sales fell by 6 percent to $2.458 billion from $2.6 billion year-on-year.

Earlier this year, the company completed its separation of its seed and genetics business into a separate publicly traded company, Vylor.

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