Monsanto sees full-year earnings at low end of range; cutting more jobs in restructuring plan

Monsanto sees yearly earnings at low end of range

NEW YORK — Monsanto says it expects full year earnings at the low end of its previous expected range. The world’s largest seed company is also cutting up to 700 more jobs.

Shares fell 3 percent in premarket trading Tuesday.

The St. Louis company expects ongoing earnings, which excludes some items, between $2.40 per share and $2.45 per share for the fiscal year that ends Tuesday.

The previous expected range was $2.40 to $2.60 per share.

Monsanto also says it’s cutting about 650 to 700 more jobs as it continues to restructure its business. The company has more than 20,000 total employees.

The job cuts will lead to $90 million in severance and benefit costs, $60 million in facility closure expenses and $30 million in asset writedowns.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

NEW YORK (AP) — Monsanto says it expects full year earnings at the low end of its previous expected range. The world’s largest seed company is also cutting up to 700 more jobs.

Shares fell 3 percent in premarket trading Tuesday.

The St. Louis company expects ongoing earnings, which excludes some items, between $2.40 per share and $2.45 per share for the fiscal year that ends Tuesday.

The previous expected range was $2.40 to $2.60 per share.

Monsanto also says it’s cutting about 650 to 700 more jobs as it continues to restructure its business. The company has more than 20,000 total employees.

The job cuts will lead to $90 million in severance and benefit costs, $60 million in facility closure expenses and $30 million in asset writedowns.