Corteva Sees Q3 Results Below Estimates; Slashes FY23 Outlook
(RTTNews) - Announcing preliminary net sales and earnings results for the third quarter on Friday, Corteva, Inc. (CTVA) now expects third-quarter loss from continuing operations of $0.45 per share on net sales of approximately $2.6 billion.
On average, analysts polled by Thomson Reuters expected the company to report a loss of $0.22 per share on revenues of $2.76 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2023, the company now projects operating earnings per share in a range of $2.50 to $2.70 per share on net sales between $17.0 billion and $17.3 billion.
Previously, the company expected operating earnings per share in the range of $2.75 to $2.90 per share on net sales between $17.9 billion and $18.2 billion.
The Street is looking for earnings of $2.81 per share on revenues of $17.98 billion for the year.
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