Monsanto Results Miss Expectations, Profit Outlook Cut

Monsanto Co. reported fiscal second-quarter earnings that fell to $1.06 billion, or $2.41 a share, from $1.43 billion, or $2.92 a share, in the same period a year ago. The FactSet consensus for earnings per share was $2.42. Sales declined to $4.53 billion from $5.2 billion, missing the FactSet consensus of $4.73 billion, as sales of corn seed and traits and soybean seed and traits fell below expectations. The seed company cuts its fiscal 2016 EPS outlook to a range of $3.72 to $4.48 from $4.12 to $4.79, because of a change in the expected timing for accounting and restructuring expenses. The company's ongoing EPS outlook remained at $4.40 to $5.10, which surrounds the FactSet consensus of $4.68. The stock, which slipped 0.7% in premarket trade, has tumbled 13% year to date, while the S&P 500 has gained 0.1%.