Executives of Monsanto told skittish investors on Wednesday that earnings per share would grow 13 to 17 percent in the next fiscal year and that the company was on its way to fixing problems in its seed business that have undermined the confidence of Wall Street.
The remarks, in line with some previous assurances by company executives, were made as Monsanto reported that net income for the year that ended Aug. 31 had dropped by nearly half from a year earlier.
“I believe we’ve taken steps to allow our company to return to growth,” Hugh Grant, the chief executive, told analysts and investors Wednesday on a conference call.
He said the seed business was going to offer “more products at more price points” to help regain the trust of farmers who have been put off by high seed prices and lower-than-expected yields for some products, particularly Monsanto’s new SmartStax corn.