Monsanto CEO Hugh Grant says he will step down once the Bayer deal closes

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Monsanto misses profit and revenue expectations, as seeds sales disappoint

Shares of Monsanto Co. fell 0.8% in premarket trade Thursday, after the seeds and agricultural products company missed profit and sales expectations, but said it remained ‘confident’ that the merger with Bayer AG will be completed by the end of the current quarter. The company said net income for the quarter to Feb. 28 rose to $1.46 billion, or $3.27 a share, from $1.37 billion, or $3.09 a share, in the same period a year ago. Ongoing earnings per share, which excludes non-recurring items, rose to $3.22 from $3.19, but missed the FactSet consensus of $3.31. Total revenue slipped to $5.02 billion from $5.07 billion, below the FactSet consensus of $5.34 billion, as sales of seeds and genomics fell to $4.09 billion from $4.19 billion to miss expectations of $4.34 billion. Within that business segment, soybean seed and traits sales rose to $912 million from $862 million, above the FactSet consensus of $911 million. The stock has lost 2.0% over the past three months, while the S&P 500 has declined 3.6%.

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