(Reuters) – Agricultural chemical and seed company Corteva Inc on Wednesday reported first-quarter results that beat market estimates and raised its full-year sales forecast aided by higher prices and strong demand for seeds.
Prices of crops have scaled back after rising to record highs as Russia’s invasion of Ukraine last year hit grain supplies, but still remain higher than historical levels.
Farmers have prioritized on boosting yields to benefit from high prices and offset rising inflation.
Corteva’s operating core profit came in at $1.16 per share in the quarter ended March 31, compared with the analysts’ average estimate of 93 cents.
The company, spun off in 2019 after a merger of Dow Chemical and Dupont, said it now expects net sales of $18.6 billion to $18.9 billion in 2023, compared with an earlier forecast of $18.1 billion to $18.4 billion.
(Reporting by Sourasis Bose in Bengaluru; Editing by Arun Koyyur)
