Monsanto Co. reported that the company recorded a loss of $156 million in the latest quarter, a loss that was considerably higher than expected. The loss amounted to about 31 cents per share. Analysts expected a loss of around 24 cents per share.
Revenue rose to $2.63 billion in the quarter, an increase of more than 19 percent. That was higher than analysts’ forecasts of revenue of $2.42 billion. The company expects to post earnings of $5.75 to $6 for the full fiscal year.
During the quarter, two of the company’s business units, genetically-engineered seeds and herbicide, posted higher than average sales. Sales of biotech seeds increased to $1.38 billion, a 16 percent rise. Herbicide and agricultural product sales increased to 1.25 billion, a 23 percent rise.
Higher expenses were one of the factors that led to the loss in the latest quarter. Those expenses included a one-time payment to settle an environmental legal case. Excluding the legal settlement payment, the loss per share would have been 27 cents.