Seed and herbicide maker Monsanto Company (MON) on Wednesday posted a worse-than-expected fiscal fourth quarter loss and provided a weak 2013 forecast, sending its shares lower in premarket trading.
The St. Louis-based company reported a fourth quarter net loss of $229 million, or -42 cents per share, compared with a loss of $112 million, or -21 cents per share, in the year-ago period. Excluding one-time items, its adjusted loss was 44 cents per share.
Revenue fell 6% from last year to $2.11 billion.
On average, Wall Street analysts expected a better loss of 42 cents per share, on higher revenue of $2.25 billion.
Looking ahead, MON forecast full-year 2013 earnings to range from $4.18 to $4.32 per share, which would fall short of analysts’ outlook of $4.38 per share for the year.
Monsanto shares fell $2.79, or -3.1%, in premarket trading Wednesday.
The Bottom Line
Shares of Monsanto (MON) have a 1.65% dividend yield, based on last night’s closing stock price of $90.94. The stock has technical support in the $83-$85 price area. If the shares can firm up, we see overhead resistance around the $96-$97 price levels.
Monsanto Company (MON) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.