Feb 1 (Reuters) - Corteva's shares jumped 16% on Thursday, after the U.S. agricultural chemical firm topped Wall Street expectations for fourth-quarter profit backed by strong seed prices.

The seed maker reported operating profit of 15 cents per share for the quarter ended Dec. 31 on Wednesday, beating analysts' estimate of 6 cents per share, according to LSEG data, while its net sales were also above expectations.

In the crop protection segment, which constitutes herbicides and pesticides, volumes and pricing held up better compared with expectations, KeyBanc analysts wrote in a note.

Corteva said it expects sales volumes growth in both seed and crop protection segments in 2024.

Shares of rival FMC also gained 5%.

Agrichemical firms had suffered from weak demand in South America in the latter half of 2023 due to droughts, which hit their sales volume.

The impact from South America, coupled with destocking in several regions, led to a 18.5% fall in Corteva's share price in 2023.

"In North America, corn production and yield for the '23-'24 crop year is expected to hit a new record despite the productivity challenges that farmers must face related to weather and disease," said CEO Chuck Magro in a conference call.

The company forecast 2024 net sales in the range of $17.4 billion to $17.7 billion, implying a growth of 2% at mid-point.

Corteva's forward price-to-earnings ratio is 14.86, below its average of 19.43, according to LSEG data, while FMC's forward PE ratio is 13.20.

Comparatively, a lower multiple reflects an attractive investment opportunity.

Corteva had also said on Wednesday it plans to buy-back $1 billon shares in 2024.

(Reporting by Sourasis Bose in Bengaluru; Editing by Krishna Chandra Eluri)