Monsanto Q4 Loss Widens, To Cut 2,600 Jobs
By RTT News, October 07, 2015, 10:14:00 AM EDT
(RTTNews.com) - Agricultural products giant Monsanto Co. (MON) on Wednesday reported a loss for the fourth quarter that widened from last year, reflecting lower revenues and margins.
The results for the quarter missed analysts' expectations and the company also forecast fiscal 2016 earnings well below their estimates, citing the anticipated continuation of global and industry headwinds.
Monsanto said it expects to cut about 2,600 jobs over the next two years and exit the sugarcane business under a restructuring plan to cut costs, amid falling commodity prices.
The company also announced a new $3 billion accelerated share repurchase program under its current share repurchase authorization and expects it to be completed in the next six months.
The St. Louis, Missouri-based seed and agrochemical company's net loss for the fourth quarter was $495 million or $1.06 per share, wider than loss of $156 million or $0.31 per share in the prior-year quarter.
Read more: http://www.nasdaq.com/article/monsanto-q4-loss-widens-to-cut-2600-jobs-20151007-00666#ixzz3ntpvJnCY