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.

 
 
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