August 1, 2019 / 10:42 AM / 3 months ago

Corteva profit slumps on DowDuPont split up costs

Aug 1 (Reuters) - Pesticide and insecticide maker Corteva Inc reported an 51.2% slump in quarterly profit on Thursday, mainly due to costs related to the $130 billion merger of chemicals giant Dow Chemical and DuPont, and the subsequent split up.

Net profit from continuing operations attributable to Corteva fell to $470 million, or 63 cents per share, in second quarter ended June.30 from $963 million, or $1.29 per share, a year earlier.

The former agricultural unit of chemicals giant DowDuPont said net sales fell 3.1% to $5.56 billion in its first earnings report as a standalone public company, hurt by weather-related planting delays and lower-than-expected planted area in corn, soybeans, and canola pressuring sales in North America. (Reporting by Nishara Karuvalli Pathikkal and Arathy S Nair in Bangalore; Editing by Arun Koyyur)

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