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(Reuters) - Agricultural chemical and seed company Corteva beat Wall Street estimates for fourth-quarter profit on Wednesday as higher prices in its seeds business offset lower volumes.
The company's operating core profit came in at 15 cents per share in the quarter ended Dec. 31, compared with average analysts' estimate of 6 cents.
Though global crop prices have scaled back from last year, they remained elevated compared to historical averages, leading to farmers harvesting more to cash-in on elevated crop prices.
Net sales came in at $3.71 billion, compared to estimates of $3.62 billion, as per LSEG data.
Corteva, spun off in 2019 after a merger of Dow Chemical and Dupont, reported net sales of $17.23 billion in 2023, above expectations of $17.119 billion.
The company had previously forecast net sales between $17 billion and $17.3 billion.
(Reporting by Seher Dareen in Bengaluru; Editing by Arun Koyyur)
