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Monsanto Delivers Third Consecutive Year Of Strong Growth On Performance Of Global Portfolio; On Track For Strong Operational Growth From Core Business In FY14

Monsanto Company (NYSE: MON) today announced fiscal year 2013 results near the high end of its guidance range, the third straight year of greater than 20 percent ongoing earnings growth. Executives noted the company is well-positioned for continued growth in fiscal year 2014 with the sustained performance of its core business enabling continued investment in global growth opportunities and the development of transformational new platforms. This includes today's announced agreement to acquire The Climate Corporation that will establish Monsanto as a leader in the area of data science, expanding the near- and long-term growth opportunities of its Integrated Farming Systems platform.

           
    Fourth Quarter   Fiscal Year
($ in millions)     2013   2012   2013   2012
Net Sales by Segment      
Corn seed and traits $ 618 $ 588 $ 6,596 $ 5,814
Soybean seed and traits 87 142 1,653 1,771
Cotton seed and traits 65 29 695 779
Vegetable seeds 250 284 821 851
All other crops seeds and traits 165     160     575     574  
TOTAL Seeds and Genomics $ 1,185 $ 1,203 $ 10,340 $ 9,789
 
Agricultural productivity $ 1,017     $ 895     $ 4,521     $ 3,715  
TOTAL Agricultural Productivity $ 1,017 $ 895 $ 4,521 $ 3,715
                   
TOTAL Net Sales     $ 2,202     $ 2,098     $ 14,861     $ 13,504  
                   
Gross Profit     $ 924     $ 881     $ 7,653     $ 7,045  
                   
Operating Expenses     $ 1,213     $ 1,137     $ 4,083     $ 3,897  
Interest Expense – Net $ 26 $ 34 $ 80 $ 114
Other Expense – Net     $ 26     $ (1 )   $ 61     $ 46  
Net Income (Loss) Attributable to Monsanto Company     $ (249 )   $ (229 )   $ 2,482     $ 2,045  
                   
Diluted Earnings (Loss) per Share (See note 1.)     $ (0.47 )   $ (0.42 )   $ 4.60     $ 3.79  
Items Affecting Comparability – EPS Impact
Restructuring charges, net (0.02 ) (0.02 )
Income on discontinued operations (0.02 ) (0.01 )
Nitro Claims Settlement 0.05
Resolution of a Legacy Tax Matter             (0.02 )   (0.11 )
Diluted Earnings per Share from Ongoing Business (For the definition of ongoing EPS, see note 1.)     $ (0.47 )   $ (0.44 )   $ 4.56     $ 3.70  
Effective Tax Rate     30 %   24 %   27 %   30 %
           
    Fourth Quarter   Fiscal Year
Comparison as a Percent of Net Sales:   2013   2012   2013   2012
Gross profit 42%   42% 51%   52%
Selling, general and administrative expenses 35% 34% 17% 18%
Research and development expenses 20% 21% 10% 11%
Income (loss) from continuing operations before income taxes (15)% (14)% 23% 22%
  Net income (loss) attributable to Monsanto Company   (11)%   (11)%   17%   15%

“The strength of our broad global portfolio enabled us to deliver a third consecutive year of strong business results, and by building off our proven strategy we're confident the key elements are in place to carry that momentum through to achieve strong business growth in 2014,” said Hugh Grant, chairman and chief executive officer for Monsanto. “The performance of our core business gives us the ability to invest efficiently in breakthrough agricultural innovation that, by making farming more precise, will enable continued improvement in agriculture sustainability in the face of mounting environmental challenges. As the innovation leader, we've staked out the early position to unlock the next wave of on-farm yield opportunity for farmers around the world.”

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