Monsanto 3Q Profit Falls 14 Percent, Will Cut 900 Jobs
Associated Press: June 24, 2009 08:33:00 AM EDT -- ST. LOUIS -- Monsanto Co., the world's biggest seed maker, said Wednesday its third-quarter profit fell 14 percent and it plans to cut 900 jobs, or about 4 percent of its work force.PAID ADVERTISEMENT
It also said its full-year profit will be on the low end of its previous forecast of $4.40 to $4.50 per share.
Monsanto said it earned $694 million, or $1.25 per share, in the three months ended May 31, down from $811 million, or $1.45 per share, a year earlier.
Revenue fell 11 percent to $3.16 billion from $3.54 billion a year ago. Declining revenue from agricultural herbicides like Roundup were only partially offset by increased revenue from seed and trait products sold through its U.S. soybean, cotton, corn and vegetable businesses.
Analysts polled by Thomson Reuters had been looking for earnings of $1.17 per share and revenue of $3.45 billion.
Its shares rose $1.27, or 1.6 percent, to $80.57 in premarket trading.
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