Monsanto reports 4th quarter loss, will restate earnings
October 6, 2011
ST. LOUIS • Monsanto's fourth-quarter results beat Wall Street expectations. But the company says it has to restate the last two year's earnings because of a federal investigation into its herbicide sales.
The world's biggest seed company on Wednesday said a U.S. Securities and Exchange Commission will prompt it to restate earnings irregularities arising from incentives it paid dealers of its Roundup Herbicide.
The St. Louis company said it had a net loss of $112 million, or 21 cents per share, for the quarter ended Aug. 31. Monsanto Co. said that adjusted for one-time items, the loss was 22 cents per share. Revenue rose to $2.25 billion from $1.95 billion last year.
Analysts surveyed by FactSet had expected an adjusted loss of 27 cents per share on revenue of $1.91 billion.
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