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Monsanto releases quarterly earnings

Monsanto says its fiscal third quarter earnings were worse-than-expected.

Net income was $717 million, or $1.63 a share compared to over $1 billion or $2.39 a share for the same period last year. In a statement, CEO Hugh Grant said that the company has experienced some unforeseen challenges so far in 2016, including declines in the price of glyphosate and additional costs related to the delayed launch of its Roundup Ready 2 Xtend soybeans.

Recently Monsanto rejected a buyout bid from Bayer for over 62 billion-dollars, stating it was less than adequate. Talks between Bayer and Monsanto have stalled but Grant said that the two companies are continuing to engage each other in pursuing options.