Monsanto Loss Narrows on Corn Seed Demand
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Monsanto Co., the world’s biggest developer of genetically engineered crops, said its fiscal first-quarter loss narrowed to $40 million on rising global demand for corn seed. The loss included a reserve for a spinoff.
The loss in the quarter was 15 cents a share, compared with a loss of $97 million, or 37 cents, a year earlier. Revenue rose 6.8% to $1.1 billion. St. Louis-based Monsanto set aside $181 million to cover liabilities for chemical maker Solutia Inc. and had a tax benefit of $106 million.
Shares of Monsanto fell $1.34 to $51 on the NYSE.
The first-quarter loss included 68 cents a share for the Solutia reserve and a tax benefit of 40 cents from the sale of the European wheat and barley business.
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