Monsanto Co. on Tuesday reported a $52 million loss for the second quarter, chiefly from a charge it took in connection with its recently announced corporate restructuring.
The loss, equal to 42 cents a share, contrasts with a profit of $247 million, or $1.90 a share, a year earlier. Sales rose 4 percent, to $2.47 billion from $2.37 billion.
Without the after-tax restructuring charge of $325 million, or $2.54 a share, the St. Louis-based maker of chemicals, pharmaceuticals and
agricultural products would have posted record earnings of $273 million, or $2.12 a share.
Operating profits for Monsanto`s Skokie-based G.D. Searle & Co. subsidiary doubled to $27 million from $13 million, largely because of strong gains for its Cytotec ulcer preventive drug and the steady performance of the Calan anti-hypertensive drug, the company said.
Deerfield-based NutraSweet Co. said its operating profits rose 4 percent, to $57 million from $55 million. NutraSweet announced Tuesday that it has agreements with Kerry Group PLC of Ireland and Valio, a dairy cooperative in Finland, to manufacture products with Simplesse, NutraSweet`s all-natural fat substitute, for distribution in those countries and the United Kingdom.
The operating profit at Monsanto`s agricultural unit grew 47 percent, to $243 million from $165 million, due partly to increased sales of Roundup herbicide and a $30 million gain from a previously announced restructuring of the division.
For the first half, Monsanto`s earnings fell 74 percent, to $114 million, or 89 cents a share, from $441 million, or $3.37 a share last year. Sales rose 1 percent, to $4.7 billion from $4.65 billion.
