Monsanto earnings dip on lower biotech seed sales

Monsanto earnings dip on lower biotech seed sales

Credit: Getty Images

Research Biologist Heidi Windler takes tissue samples from genetically modified corn plants inside a climate chamber housed in Monsanto agribusiness headquarters in St Louis, Missouri.

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Associated Press

Posted on June 25, 2014 at 9:00 AM

Updated Wednesday, Jun 25 at 5:16 PM

WASHINGTON (AP) — Monsanto says its earnings fell more than 5 percent in the third fiscal quarter as sales of the agricultural giant's biotech corn seeds slipped.

But its overall earnings topped Wall Street estimates and its shares rose more than 5 percent in premarket trading.

The St. Louis company says it earned $858 million, or $1.62 per share in the three months ended May 31. That's down from $909 million, or $1.68 per share, a year ago. Revenue was virtually flat at $4.25 billion

Analysts polled by FactSet expected Monsanto to report earnings of $1.54 per share on revenue of $4.39 billion for the quarter.

The company raised the low end of its 2014 forecast to between $5.10 and $5.20 per share. Previously the company's estimate was for earnings of $5 to $5.20 per share.

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