ST. LOUIS (AP) -- Monsanto, the world's biggest seed maker, says its fiscal third quarter net income dropped 45 percent on declining herbicide sales.
Monsanto says cheaper, generic versions of its Roundup herbicide continued to eat into its results.
The St. Louis company said its net income dropped to $384 million, or 70 cents a share in the quarter ended May 31. That's down from $694 million, or $1.25 a share, a year ago.
Analysts had been looking for a profit of 79 cents per share.
It says revenue fell to $2.96 billion from $3.16 billion a year ago. Analysts expected revenue of $3.17 billion.
Its shares slipped 34 cents to $47 in premarket trading.
(Copyright 2010 by The Associated Press. All Rights Reserved