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Monsanto reports larger loss widens On Restructuring Charges
By Germaine Lombardo for CEOWORLD Magazine Updated:October 7, 2009
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Monsanto Co. (MON.N) (NYSE:MON) said its fiscal fourth-quarter loss widened to $233 million, or 43 cents a share, from a loss of $172 million, or 31 cents a share, in the year-ago period.
Net sales decreased slightly to $1.9 billion from $2.1 billion. On an on-going basis, the St. Louis agricultural company said it earned 2 cents a share.
Earnings from ongoing business for the quarter were $0.02 per share, compared to a loss of $0.03 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.01 per share for the quarter. Analysts’ estimates typically exclude special items.
Monsanto Chairman, President and Chief Executive Officer Hugh Grant said, Monsanto has now entered the next decade of global growth. Over the last 10 years, we emerged as the industry leader in the agricultural space based on a grower-oriented strategy of successfully introducing innovative solutions to increase yield for farmers across corn, soybean and cotton crops. The coming decade holds even greater promise as we commercialize the strongest pipeline of products ever seen on farm. Our success rests with four core beliefs: that our success is forever linked to the farmer’s success; that our commitments are only as good as our ability to deliver new value on farm; that growth has to be funded, but prudently; and that the value we create must be shared with our customers and our owners.
Chief Financial Officer Carl Casale added, What has served us well through our first decade as a standalone company informs the second decade. We exist to serve the customer, and every financial choice we make should drive grower profitability. We must then execute to deliver consistent earnings growth as a commitment, not an aspiration. Growth comes with a price tag, but spending must be disciplined and the last dollar spent needs to bring as much value as the first.
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