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Corteva shares slide after Brazil weakness prompts annual profit forecast cut

By Reuters News

Nov 12 (Reuters) - Corteva CTVA.N shares slid to their lowest in a year on Thursday after the US agrichemicals company slashed its annual profit forecast due to continued weakness in Brazilian markets.

The company expects full-year adjusted profit to be between 76 cents and 80 cents per share, compared with $3.60 to $3.80 forecast earlier.

  • Shares of Corteva, which makes crop protection solutions such as herbicides and fungicides, tumbled 22.8% to $9.36, and were on track to post their steepest percentage loss on record

  • Crop protection market conditions have become more challenging, particularly in Brazil, Corteva said

  • Farmer liquidity constraints, higher financing costs, just-in-time purchasing and increased pricing pressure resulted in a significantly softer market in Brazil than previously anticipated, the company said

  • Earlier this year, Corteva completed the separation of its seed and genetics business into a separate publicly traded company Vylor VYLR.N

  • "Corteva stumbled out of the gate in its first standalone earnings report," Oppenheimer analyst Kristen Owen said

  • Following the spinoff, "we expect Corteva's results to be more volatile due to the cyclicality of the crop protection market," Morningstar analyst Seth Goldstein said

  • Corteva expects 2026 adjusted operating earnings before interest, taxes, depreciation and amortization in the range of $1.1 billion to $1.125 billion

  • Analysts, on average, estimate EBITDA of $1.82 billion and adjusted profit of $1.63 per share for the year, according to data compiled by LSEG

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