Agrichemicals firm Corteva raises annual profit forecast on strong demand

Nov 4 (Reuters) - Corteva CTVA.N raised annual profit forecast on Tuesday, as the agrichemicals company expects strong crop production to boost demand for its products, sending its shares up more than 3% in extended trading.

A robust planting season and healthy crops in several parts of North America this year have encouraged farmers to use more fertilizers, helping boost profit for companies such as Corteva.

The company expects to see record consumption of grain, oilseeds, feed and biofuels in 2025. On-farm demand remains strong as farmers prioritize premium crop input technologies, it said.

Corteva expects 2025 adjusted earnings to be between $3.25 and $3.35 per share, compared with $3.00 to $3.20 per share projected earlier.

It also expects annual net sales to be between $17.7 billion and $17.9 billion, compared with its prior projection of $17.6 billion to $17.8 billion.

The company last month announced plans to separate its seeds and pesticides business into listed entities, as it seeks to set specific capital allocation strategies, respond faster to market shifts and pursue growth opportunities independently.

Corteva's third-quarter net sales rose 12.5% to $2.62 billion. The Indianapolis-based company posted an adjusted loss of 23 cents per share, well below analysts' expectations of a 53-cent loss, according to data compiled by LSEG.