US Monsanto posts $112m Q4 loss; will restate prior-year results

05 October 2011 16:42  [Source: ICIS news]

HOUSTON (ICIS)--Monsanto posted a fiscal 2011 fourth-quarter net loss of $112m (€84m), on sales of $2.2bn, the US-based international agri-business said on Wednesday.

Monsanto did not provide comparable figures from last year’s fourth quarter.

Rather, Monsanto said that, in response to an investigation by the Securities and Exchange Commission (SEC) into its incentive programme for glyphosate products, it will readjust prior-year results from 2009 to the fiscal 2011 third quarter.

Last year, Monsanto originally reported a net loss of $143m for its fiscal 2010 fourth quarter, on sales of $1.95bn.

As for the three months ended 31 August 2011, Monsanto said sales in its seeds and genomics business had increased, driven by strong global growth in corn and cotton. Regionally, Latin America continues to be a “significant driver” for that business, the company added.

Commenting on the last quarter, CEO Hugh Grant said Monsanto has “turned a corner and returned to growth mode”.

“We made a conscious effort to reconnect with our customers, and from that earned significant sales growth for seeds and traits, and created positive momentum we carry into 2012,” he added.

For the full 2011 fiscal year, Monsanto reported net income of $1.6bn and sales of $11.8bn. For 2010 fiscal year, Monsanto had reported net income of $1.1bn and sales of $10.5bn.

($1 = €0.75)

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By: Stefan Baumgarten
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