(Reuters) – U.S. agrichemicals firm Corteva (NYSE:) reported a larger-than-expected loss on Wednesday, hurt by lower sales and prices for its products, leading the company to also cut its full-year sales outlook.
A decline in agricultural commodity prices has forced many farmers to rein in their spending on crop chemicals, hurting companies such as Corteva which makes pesticides and insecticide.
Additionally, demand for crop protection chemicals also remains subdued in South America as floods in one of the top grain producer, Brazil, hit demand.
Corteva’s net sales fell 10% to $2.33 billion for the quarter ended Sept. 30.
It also cut its sales forecast for the year to $17.0 to $17.2 billion, from its previous estimate of $17.2 billion to $17.5 billion.
The Indianapolis-based company reported a loss of 49 per share for the July-to-September period, compared with average analysts’ estimate of a loss of 30 cents per share, according to data compiled by LSEG.
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