Monsanto Posts Smaller-Than-Expected Loss on Soybean Gains
- Sales of other crop seeds, Roundup herbicide decline
- Company now sees workforce cuts affecting 3,600 employees
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Monsanto Co., the world’s largest seed company, reported a smaller-than-expected loss for its fiscal first quarter as more farmers in Latin American bought its newest genetically modified soybean seeds.
The loss of 11 cents a share in the three months ended Nov. 30 excludes restructuring costs and compares with a profit of 47 cents a year earlier, St. Louis-based Monsanto said in a statement Wednesday. The average of 11 analysts’ estimates compiled by Bloomberg survey was for a loss of 23 cents.