(Reuters) -U.S. agrichemicals firm Corteva beat Wall Street expectations for first-quarter profit on Wednesday, helped by higher prices for its seeds.
Prices for nutrients such as potash and phosphate are finally beginning to stabilize after a period of volatility caused by Russia’s invasion of Ukraine, which is helping boost margins for fertilizer producers.
Corteva said it saw price gains for its seeds in most regions, led by North America. The segment reported a core profit of $842 million in the quarter, up 13% from last year.
However, total sales fell 2% to $4.42 billion during the first quarter, driven by weakness in key markets such as Europe, Latin America and Asia.
The Indianapolis-based company posted an adjusted operating profit of $1.13 per share for the three months ended March 31, compared with the analysts’ estimate of 88 cents per share, according to data compiled by LSEG.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Alan Barona)
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