Corteva Inc (NYSE:CTVA) stock fell 3% (As on November 4, 1:50:53 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the third quarter of FY 22. Organic sales increased 16% in the same period with double-digit gains in all regions. Seed net sales grew 5% and organic sales increased 8% year over year, with notable gains in EMEA as well as North America soybeans, partially offset by the reduction of corn acres and canola volumes in North America. Price was up 7% globally, led by continued execution on the Company’s price for value strategy and recovery of higher input costs. Crop Protection net sales grew 22% and organic sales increased 26%, with broad-based gains across all regions. Volume gains were driven by continued penetration of new products, including Enlist and Arylex herbicides and Onmira fungicide. Price gains reflected strong execution across all regions in response to cost inflation.

CTVA in the third quarter of FY 22 has reported the adjusted loss per share of 12 cents, beating the analysts’ estimates for the adjusted loss per share of 23 cents. The company had reported the adjusted revenue growth of 22 percent to $2.78 billion in the third quarter of FY 22, beating the analysts’ estimates for revenue by 7.48%.

The Company affirmed full year 2022 net sales guidance of $17.2 billion to $17.5 billion. The Company increased the mid-point of its Operating EBITDA guidance, and now expects it to be in the range of $3.0 billion to $3.1 billion. Operating EPS is expected to be in the range of $2.45 to $2.60 per share.

Meanwhile, during the quarter, the Company announced it had signed a definitive agreement to acquire Symborg, a leader in microbiological technologies based in Murcia, Spain. The Company first collaborated with Symborg to scale up and bring farmers Utrisha N and BlueN nutrient efficiency optimizer as part of a distribution agreement between the two companies. During the quarter, the Company made a business decision to exit commodity glyphosate products, reflecting Corteva’s commitment to disciplined and strategic portfolio management, prioritizing core markets and crops to optimize resource allocation and drive long-term value creation. As a result of this decision, the Company expects an approximate $300 million headwind to net sales related to commodity glyphosate products in 2023. The Company expects 2023 Enlist E3 U.S. market penetration in the mid 50% range, representing approximately 70% of Corteva’s lineup