Monsanto Lowers Earnings Outlook

Monsanto Co. is lowering earnings expectations for the second quarter and all of 2002 because of economic uncertainties in Latin America and an unusually wet spring in parts of the U.S.

The biotechnology and agricultural company said it expects earnings per share of $1.10 to $1.15 for the second quarter ending in June, compared with earlier expectations of $1.40 to $1.45 a share.

For the full year, Monsanto expects earnings per share of about $1.50; it earlier projected full-year earnings per share of $2.23 to $2.27.

Analysts surveyed by Thomson Financial/First Call had expected earnings of $1.37 a share for the second quarter and $2.01 a share for the year.

Monsanto shares closed down $1.30 at $25.55 on the NYSE.