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The biotech giant also said Wednesday that it now plans to cut a total of 3,600 jobs, or about 16% of its global workforce, through fiscal 2018 and expects to record $ 1.1 billion to $ 1.2 billion. dollars in restructuring expenses.
In October, Monsanto said it would cut 2,600 jobs around the world as part of a global restructuring effort to cut costs and increase savings, including consolidating some companies and research centers and exiting the sugarcane business. sugar, Reuters reported.
Monsanto has been fighting for investor confidence following the March 2015 announcement that the World Health Organization's cancer agency had declared the world's most widely used herbicide - glyphosate - a "probable human carcinogen."
Glyphosate is the foundation of Monsanto's business model:
a) The glyphosate-based herbicide 'Roundup' is Monsanto's main product.
b) Roundup is the herbicide that most of Monsanto's GM crops are designed to be grown with.
Monsanto stated: "Net sales for the quarter decreased during the first quarter of the prior year to $ 2.2 billion. Gross profit on the object basis reported for the first quarter 2016 also decreased during the prior year period to 901 millions of dollars As expected, the decline in the quarter is due to weaker foreign currencies, glyphosate prices and low corn volumes in Latin America.
With the anticipated continuation of various global and industry winds including the recent currency devaluation in Argentina, Monsanto expects full-year EPS guidance to be in the lower half of the $ 5.10 to $ 5.60 range. "