European Investor
12 Nov 2026, 09:08
Corteva Falls 8.5% After Hours as Brazil Weakness Drives Guidance Cut
Corteva (NYSE: CTVA) shares fell about 8.5% in after-hours trading after the company reported weaker third-quarter sales and earnings and lowered its full-year 2026 outlook, citing significantly softer Crop Protection conditions in Brazil.
Third-quarter net sales declined 9% year over year to $1.59 billion, while organic sales also fell 9%. Volume decreased 2% and pricing declined 7%, with the pressure concentrated in Brazil and U.S. acetochlor.
Latin America was the main weak point. Organic sales in the region fell 31%, with volume down 24% due to elevated channel inventories, delayed purchasing, tight farmer liquidity and high interest rates. Pricing declined 7% amid competitive pressure on mature molecules.
Elsewhere, performance was considerably stronger. North America organic sales rose 7%, helped by 19% volume growth, while EMEA organic sales increased 14% and Asia Pacific grew 5%.
Profitability also weakened. Corteva posted a pro forma GAAP loss from continuing operations of $54 million versus $60 million of income a year earlier. Adjusted pro forma operating EBITDA fell 17% to $222 million, while adjusted operating EPS dropped 57% to $0.06.
For the first nine months, net sales declined 1% to $5.36 billion and adjusted operating EBITDA was roughly flat at $943 million.
Corteva now expects full-year adjusted pro forma operating EBITDA of $1.10-$1.125 billion and adjusted operating EPS of $0.76-$0.80, reflecting the deterioration in Brazil.
The 8.5% after-hours decline appears to reflect the weaker Brazil outlook, sharp third-quarter earnings deterioration and reduced full-year expectations, which outweighed resilient demand for newer products in North America, EMEA and Asia Pacific.
Corteva (NYSE: CTVA) shares fell about 8.5% in after-hours trading after the company reported weaker third-quarter sales and earnings and lowered its full-year 2026 outlook, citing significantly softer Crop Protection conditions in Brazil.
Third-quarter net sales declined 9% year over year to $1.59 billion, while organic sales also fell 9%. Volume decreased 2% and pricing declined 7%, with the pressure concentrated in Brazil and U.S. acetochlor.
Latin America was the main weak point. Organic sales in the region fell 31%, with volume down 24% due to elevated channel inventories, delayed purchasing, tight farmer liquidity and high interest rates. Pricing declined 7% amid competitive pressure on mature molecules.
Elsewhere, performance was considerably stronger. North America organic sales rose 7%, helped by 19% volume growth, while EMEA organic sales increased 14% and Asia Pacific grew 5%.
Profitability also weakened. Corteva posted a pro forma GAAP loss from continuing operations of $54 million versus $60 million of income a year earlier. Adjusted pro forma operating EBITDA fell 17% to $222 million, while adjusted operating EPS dropped 57% to $0.06.
For the first nine months, net sales declined 1% to $5.36 billion and adjusted operating EBITDA was roughly flat at $943 million.
Corteva now expects full-year adjusted pro forma operating EBITDA of $1.10-$1.125 billion and adjusted operating EPS of $0.76-$0.80, reflecting the deterioration in Brazil.
The 8.5% after-hours decline appears to reflect the weaker Brazil outlook, sharp third-quarter earnings deterioration and reduced full-year expectations, which outweighed resilient demand for newer products in North America, EMEA and Asia Pacific.
