Monsanto Cuts Profit Forecast on Herbicide Oversupply |
| BusinessWeek - May 27, 2010 |
Monsanto Co., the world’s largest seed company, cut its profit forecast after deciding to reduce the price of its Roundup herbicide because Chinese competitors oversupplied the market. The shares fell the most in 17 months.
Profit in the fiscal year through August will be $2.40 to $2.60 a share, excluding some items, compared with a previous guidance of $3.10 to $3.30, St. Louis-based Monsanto said today in a statement. Profit on that basis was estimated to be $3.09 a share, the average of 18 analysts surveyed by Bloomberg.
Chief Executive Officer Hugh Grant has trimmed the outlook for Roundup over the past year as Chinese producers flood markets with generic Roundup. The herbicide, also known as glyphosate, kills weeds while sparing crops containing a genetic modification. Grant said today he’ll price Roundup closer to generics and simplify product offerings.
Read Full Article from BusinessWeek
- Posted: 2010-05-27 10:51:12
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