Dive Brief:
- Monsanto Co. reported less than stellar earnings, missing analysts' estimates and having to drop its fiscal 2015 earnings forecast to the lower end of its formerly predicted $5.75 to $6 a share.
- The company saw Q2 profits and sales that missed analysts' predictions as well as revenue of $5.2 billion, lower than the average expectation of $5.59 billion.
- According to Bloomberg, the company "said it will cut spending as farmers plant less corn while a strengthening U.S. dollar erodes foreign sales."
Dive Insight:
Monsanto is a frequent headliner for being both a huge and controversial company in the U.S. and across the world. Most recently, Monsanto made news when glyphosate, the main ingredient in its popular weed-killer Roundup, was found by the World Health Organization to be "probably carcinogenic." Now the EPA will be enacting new restrictions, specifically a weed resistance management plan for glyphosate, which will attempt to handle the rampant spread of weeds that are now resistant to the chemical, reports Reuters.