P.M. BRIEFING : Monsanto Profits Drop 13%

Monsanto Co. reported today that its first-quarter profits fell 13% from last year because of soft conditions in the automotive industry and a seasonal slowdown in agriculture.

For the quarter ended March 31, the chemical and agricultural products giant had a profit of $194 million, or $2.95 a share, down from a record $222 million, or $3.24 a share, earnings in 1989.

Sales for the quarter were flat, $2.28 billion compared to last year’s $2.26 billion.