Corteva, Inc. (CTVA) recently reported a decline in profits for the first quarter when compared to the previous year. Despite this, the results were better than Wall Street forecasts. In terms of specifics, the company's net income totalled $419 million, equivalent to $0.60 per share. This is a decrease from $595 million or $0.83 per share reported for the same period last year.
However, once special items are taken into account, Corteva's adjusted earnings for the period were $625 million or $0.89 per share. This surpassed the average estimate made by analysts, who had predicted earnings of $0.84 per share according to data compiled by Thomson Reuters. These estimates generally do not take special items into account.
Corteva's revenue for this quarter dropped by 8.0%, from $4.88 billion last year to $4.49 billion. In terms of the company's earnings performance in the first quarter (GAAP), net income was $419 million, compared to $595 million last year, and earnings per share were $0.60, compared to $0.83 last year. Revenue for the first quarter was $4.49 billion, down from $4.88 billion the previous year.
In terms of future projections, Corteva, Inc. has provided a Full year earnings per share (EPS) guidance of $2.70 to $2.90.
