Agribusiness giant Monsanto Co. reported a narrower first-quarter loss this week, saying increased sales were offset by a $284 million pretax legal reserve for costs tied to the bankruptcy case of European spin-off, Solutia Inc.
The St. Louis-based company said it posted a net loss during the three-month period ending Nov. 30 of $40 million, or 15 cents a share. That compares with a loss of $97 million, or 37 cents a share, from a year ago.
That latest figures also reflect a tax benefit of $86 million in discontinued operations and $20 million in continuing operations resulting from the loss incurred on the European wheat and barley business.
Excluding such special items, Monsanto's earnings of 13 cents per share mirrored the estimate of analysts.