Community | July 01, 2009 | 11 comments

Monsanto's earnings take a slide

source: http://www.bakingbusiness.com/news/weekly_enews.asp?ArticleID=103661&e=honor@organicconsumer...

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JanforGore
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Excerpt:

Monsanto Co., the world’s largest seed maker, said its third-quarter earnings and sales fell 14% and 11%, respectively. In addition, the company said it is creating a separate division for its Roundup and other herbicides business and announced a planned restructuring that will eliminate approximately 900 jobs, or about 4% of its work force.

Net income in the third quarter ended May 31 totaled $694 million, equal to $1.27 per share on the common stock, down from $811 million, or $1.48 per share, in the same period a year ago. The earnings beat analysts’ forecasts of $1.17 per share, but the company’s fourth-quarter profit is expected to be dragged down by the restructuring initiative, which is scheduled to be completed in 2010. As a result, Monsanto said its full-year profit will be on the low end of its previous forecast of $4.40 to $4.50 per share.
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