KANSAS CITY, Mo. (NAFB) — Monsanto reported net sales down 10% and profits 42% lower in Fiscal Year 2016. Monsanto had net sales of $2.6 billion dollars in fiscal year 2016, with net sales for the full fiscal year at $13.5 billion. Full net sales were down year-over-year thanks to currency challenges and price declines in agricultural productivity. Seeds and genomic net sales were $1.6 billion in the fourth quarter, and totaled $10 billion for the year. Ag productivity sales were $997 million for the quarter and for the fiscal year were $3.5 billion.
The company’s expenses were flat year-over-year on an as-reported basis. Expenses increased primarily due to $280 million in PCB litigation. Research and Development costs decreased slightly due to currency and transformation cost savings. Monsanto reported a net loss of $191 million in the fourth quarter of 2016 compared to a net loss of $495 million at the same time last year. Net income for 2016 was $1.3 billion, compared to $2.3 billion in income the year before.