Monsanto Company (NYSE: MON) announced its financial results for the second quarter this week. Both the revenue and earnings for the quarter missed estimates.
According to the company, revenues for the second quarter decreased 1.1% to $5,019 million, which missed analysts’ estimates of $5,489 million. In addition, revenues of Seeds and Genomics segment dropped 2.3% to $4,088 million, while revenue of Agricultural Productivity rose 4.8% to $931 million.
Sales of soybean business jumped 6% to $912 million, and sales of corn seeds and traits business decreased 6.2% to $2.72 billion for the second quarter.
As for the earnings, the company reported net profit of $1.46 billion, or $3.27 per share, increasing from $1.37 billion, or $3.09 per share, for the same period last year. Adjusted earning per share was $3.22 for the second quarter, missing analysts’ estimates of $4.00 per share.
“The business objectives we achieved in the first half of fiscal year 2018 reflect our team's unwavering commitment to our farmer customers,” Hugh Grant, the chairman and chief executive officer of Monsanto, said in the statement.
“Despite tough farm economics, we delivered a solid second quarter and are staying disciplined on near-term execution of the business. We continue to pursue new innovations to benefit modern agriculture, as evidenced by several recent agreements, and we look forward to reaching additional milestones for the merger with Bayer,” Hugh continued.