09.01.2015 | permalink
Monsanto’s earnings drop 34% in first quarter
Profit of $243 million reported, down from $368 million
By Diego Flammini, Farms.com
As a result of record harvests in soybeans and corn that sent prices for the crops plummeting, farmers from South America and beyond reduced their need for corn seeds from Monsanto, dropping the company’s earnings by 34%.
They said corn acres dropped by about 20% in Argentina, 10% in Brazil, and their cotton planning in Australia saw reductions.
Their profits went from $368 million, trading for about 69¢ per share, to $243 million, or 50¢ per share.
