Corteva reported third-quarter revenue of $1.59 billion, failing to meet Wall Street expectations of $1.77 billion. This figure represents a 9% decline compared to the $1.74 billion recorded in the same period last year. The company also posted a GAAP loss of $54 million from continuing operations, contrasting with a profit of $60 million a year ago.
The downturn was primarily driven by a 31% drop in organic sales across Latin America, specifically due to weak demand in Brazil. High financing costs and limited liquidity for farmers hindered purchasing, offsetting growth in North America, Europe, the Middle East, Africa, and the Asia Pacific region. Consequently, adjusted operating EBITDA fell 17% to $222 million, with margins shrinking by 140 basis points.
Following these results, Corteva reduced its full-year adjusted operating EBITDA forecast to a range of $1.1 billion to $1.125 billion, down from the previous estimate of approximately $1.3 billion. The company now projects adjusted earnings per share between $0.76 and $0.80. CEO Luke Kissam noted that inventory levels in Brazil are expected to impact 2026 operating profit by $100 million.
The company's shares dropped more than 20% on Thursday, hitting their lowest point in over a year. This report is the first since the October 1 separation of the seed and genetics business into Vylor, which leaves Corteva focused exclusively on crop protection products.
