Agricultural company Monsantoposted a wider-than-expected net loss on Wednesday and forecast fiscal 2008 earnings below Wall Street, hurt by a one-time charge related to acquiring cotton company Delta and Pine Land.
Monsanto reported a loss of $210 million, or 39 cents per share, in its fiscal fourth quarter ended Aug. 31, compared to a net loss of $144 million, or 27 cents per share, a year earlier. Earnings per share for the year were $1.79.
The results included a $186 million in-process research and development charge at Delta and Pine Land. Monsanto sells genetically modified seeds.
On an ongoing basis, the St. Louis-based company said its loss was 18 cents per share. Analysts on average were expecting a loss of 17 cents, excluding items, according to Reuters Estimates.
Net sales rose to $1.57 billion from $1.39 billion, helped by a strong end to the corn season in the United States and higher corn seed revenue from Argentina and Brazil.
Monsanto said it expected fiscal 2008 earnings of $2.20 to $2.40 per share, reflecting a growth rate of 10% to 20% over 2007. Analysts on average had forecast $2.50, according to Reuters Estimates.