Corteva Expects $1 Bln in Incremental Sales Through 2027

Dow Jones11-20 01:58

By Sabela Ojea

Corteva said it expects to add $1 billion in incremental sales from growth platforms as part of its new financial framework, set to go through 2027.

The seed and pesticide maker on Tuesday said that its biologicals business is targeting $1 billion in annual revenue by the end of the decade, and that its seed and trait out-licensing will strengthen its goal to be royalty-neutral by the end of 2028.

At the same time, the company said that it expects $1 billion in cost deflation and productivity, as well as roughly $4.5 billion in shareholder returns.

Overall, agriculture companies broadly are contending with lower grain prices and tightened farmer spending as their profits are squeezed.

Corteva's latest update on its financial, disclosed during its Investor Day, come almost two weeks after the company cut its outlook for the year and posted s wider-than-expected quarterly loss.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

November 19, 2024 12:58 ET (17:58 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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