Monsanto’s profit falls
Monsanto Co., the world’s biggest seed maker, said yesterday itsthird-quarter profit fell 14 per cent and it plans to cut 900 jobs, orabout 4 per cent of its workforce.
Monsanto Co., the world’s biggest seed maker, said yesterday its third-quarter profit fell 14 per cent and it plans to cut 900 jobs, or about 4 per cent of its workforce.
The earnings beat Wall Street’s forecast. But the St. Louis-based company said the restructuring — which includes the creation of a new division for its struggling Roundup business — will drag down fourth-quarter profit by 41 cents US to 47 cents US per share.
The company expects to complete the restructuring in 2010.
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 quarter.