Agricultural company Monsanto (NYSE:MON) was set to open Wednesday lower after reporting significantly worse-than-expected losses for its fiscal fourth quarter.
Monsanto lost $229 million (42 cents), more than double its $112 million (21-cent) loss in the year ago period. MON’s adjusted loss was 44 cents, less than analyst forecasts of 42 cents.
Revenues also declined from $2.25 billion to $2.11 billion, which also fell short of expectations for $2.25 billion.
The company disappointed on the forecast front, too. Monsanto said it expected fiscal 2013 earnings of $4.18-$4.32, which failed to meet analyst expectations of $4.38 per share.
Monsanto’s report comes a day after phosphate and potash producer Mosaic (NYSE:MOS) reported declining and disappointing earnings on slumping phosphate sales.
MON shares had lost about 3% in Wednesday’s pre-market trading.
– Kyle Woodley, InvestorPlace Assistant Editor