Corteva shares slide after Brazil weakness prompts annual profit forecast cut

Nov 12 (Reuters) – Corteva 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 • “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 (Reporting by Vallari Srivastava in Bengaluru; Editing by ​Shilpi Majumdar)