Monsanto is facing substantial losses with the sale of its genetically engineered seed and reported worse than expected losses for the fiscal fourth quarter to the tune of $ 249 million.
The company’s performance mirrored its loss of $264 million, or 42 cents per share, in the 2012 fourth quarter. Revenue climbed 5 percent to $2.2 billion, from $2.1 billion last year.
The loss has been blamed on the steep drop in sales of genetically modified soybean seeds, which fell 38 percent to $87 million, offset by higher sales of the company’s best-selling product, genetically modified corn seeds, which rose 5.1 percent to $618 million.
Company shares fell $2.54, or 2.5 percent, to $102.94 in pre-market trading. The stock closed at $105.05 Tuesday, up 11 percent since the start of the year and near the top end of its 52-week trading range of $82.70 to $109.33.
The company expects to recoup its profit losses with sales on the international market with the import of Monsanto’s Intacta soybeans to China, Brazil and Argentina. Intacta is the company’s first product specifically designed for use outside the U.S.