Shares of agriculture company Corteva saw a significant increase of 18% on Thursday, reaching $53.70, following the company’s positive sales growth forecast for the upcoming year. With a nearly 12% increase since the beginning of the year, Corteva, headquartered in Indianapolis, anticipates a continuous surge in demand for various products, including grain, oilseeds, meat, and biofuels, extending into 2024.
In the fourth quarter ending on December 31, Corteva reported an earnings loss of $253 million, equivalent to 36 cents per share. This compares to a loss of $55 million, or 8 cents per share, during the same period the previous year. Analysts polled by FactSet predicted a per-share loss of 3 cents, making the actual results slightly worse than expected.
Looking ahead to 2024, Corteva foresees sales between $17.4 billion and $17.7 billion. Analysts surveyed by FactSet are projecting revenue of approximately $17.59 billion for that year.
Chuck Magro, CEO of Corteva, expressed confidence in the company’s future success, stating, “We see 2024 as another year of strong demand for our differentiated products and a continued focus on delivering advanced technology to our customers while generating consistent, incremental value for our shareholders.”