TheStreet

Corteva (CTVA)  shares jumped 5.9% to $31.25 on Thursday even as it reported quarterly profit was more than halved due to costs related to the DowDuPont breakup. 

The Wilmington, Del., company, formerly the agricultural unit of DowDuPont, reported second-quarter net income fell to $470 million, or 63 cents a share, from $963 million, or $1.29, in the year-earlier period. Adjusted earnings were $1.43 a share.

Net sales for the quarter fell 3.1% to $5.56 billion.

The results exceeded Wall Street's expectations of earnings of 99 cents a share on revenue of $5.53 billion. 

This is Corteva's first quarterly release as a stand-alone company. 

On June 1, Corteva became a pure-play agriculture company, "during an extraordinary period in our industry," Chief Executive Jim Collins said in a statement.

He added that Corteva is "delivering on our cost-synergy targets, with an additional $200 million realized in the first half."

Earlier this year, DowDuPont holders agreed to split the company into three entities: Corteva Agriscience, DuPont de Nemours (DD - Get Report) and Dow Inc. (DOW) .

DuPont is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells SHOP? Learn more now.

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