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Markets News

Corteva posts smaller loss on cost cuts, demand for crop protection products

Nov 4 (Reuters) - Corteva Inc on Wednesday reported higher organic sales and a smaller core loss, helped by cost savings and higher demand for its herbicide, insecticide and pesticide.

The pesticide and seed maker has been streamlining its manufacturing operations by shutting down some facilities and more recently said it would look to cut some more costs in the face of the COVID-19 pandemic that has hurt commodities markets.

The company said on Wednesday that savings from its merger and later divestment from conglomerate DowDupont was on track to be $230 million for the full year.

Corteva’s operating loss before interest, tax, depreciation and amortization was $179 million, compared to a loss of $207 million a year earlier.

On a per share basis, the loss, excluding items, was flat at 39 cents.

The company’s organic sales rose 9% to $2.07 billion. (Reporting by Arathy S Nair in Bengaluru; Editing by Maju Samuel)

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