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Monsanto reports 34 percent drop in quarterly profit

Monsanto reports 34 percent drop in quarterly profit

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From WATTAgNet:

Monsanto reported a 34 percent drop in quarterly profit, partly due to lower corn acreage in South America and a shift in timing of some sales. However, the decline was not as steep as some analysts had expected.

Monsanto’s net sales fell to $2.9 billion in the first quarter, down from $3.1 billion a year ago. Sales of corn seeds and genetic traits were down 12 percent. However, sales of its soybean seed and trait products rose to $396 million from $267 million.

The company said new soybean products will be a main factor for growth this year, as global corn acreage is declining. Because of the decline in corn acreage, Monsanto said it expects second quarter earnings to fall 5 to 10 percent from a year earlier on an ongoing basis.

Monsanto said earnings fell to $243 million, or 50 cents per share, in the first quarter. That’s down from $368 million, or 69 cents per share, a year earlier. But that’s not as bad as some analysts were predicting; some had expected profits to drop as much as 50 percent. The company said it still expected earnings per share of $5.75 to $6 in fiscal 2015. 

Monsanto reports steep drop in quarterly profit

Monsanto on Wednesday reported a 34 percent drop in quarterly profit, in part because of lower planted corn acreage in South America and a shift in timing of some sales, but the decline was less steep than analysts expected. The world’s largest seed company, known for its genetically engineered corn, soybeans and other crops as well as the popular Roundup herbicide, said net sales fell to $2.9 billion in the first quarter ended Nov.

Read more at CNBC

Monsanto: Navigating The Agricultural Headwinds

Monsanto (NYSE:MON), the world’s biggest seeds company by sales, reported a sharp decline in quarterly profits driven largely by lower corn acreage in South America, which reduced demand for the company’s biotech-enhanced seeds. The company noted that it continues to see strong demand for the newest hybrids in its portfolio and a continued trade up by farmers to the reduced refuge family of products.

Read more at Seeking Alpha

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