Monsanto fiscal 3Q profit slips 3 percent

Staff Writer
Columbus CEO

Monsanto says its fiscal third quarter net income slipped 3 percent, as hits to the agricultural product company's cotton and soybean seed segments restrained revenue growth.

The St. Louis company says it earned $909 million, or $1.68 per share, in the quarter ended May 31. That's down from $937 million, or $1.74 per share, last year. Revenue inched up less than 1 percent to $4.25 billion.

Monsanto says it earned $1.66 per share, not counting a tax matter resolution.

Analysts expected earnings of $1.61 per share on $4.41 billion in revenue.

Monsanto Co. makes seeds for crops like corn, soybean, cotton and wheat and crop protection chemicals like the herbicide Roundup. The agricultural giant produces genetically engineered seeds used by farmers for their pest resistance and ability to produce bigger crops.