Why Agriculture Company Corteva's Shares Are Slipping Today
Portfolio Pulse from Lekha Gupta
Agriculture company Corteva Inc (NYSE:CTVA) reported weak preliminary Q3 results and cut its FY23 operating EPS and net sales guidance. The company's shares are trading lower by around 2%. The weak outlook is due to significant order delays in Brazil, tighter farmer margins, ongoing channel inventory destocking, and pricing and volume pressures in crop chemicals. The company also expects lower Q4 seed deliveries and plans to achieve share repurchases worth $750 million in 2023.
October 27, 2023 | 1:54 pm
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Corteva Inc's shares are trading lower due to weak Q3 results and reduced FY23 guidance. The company's outlook is affected by order delays, tighter margins, and pricing pressures.
Corteva Inc's shares are trading lower due to the company's weak Q3 results and reduced FY23 guidance. The company's outlook is affected by significant order delays in Brazil, tighter farmer margins, ongoing channel inventory destocking, and pricing and volume pressures in crop chemicals. These factors are likely to negatively impact the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100