Monsanto’s fiscal third quarter earnings slipped 3 percent, as hits to the agricultural product maker’s cotton and soybean segments weighed on results.
The St. Louis company also said Wednesday that it tried to plant a seed for future growth by eating some drought-related expenses in the recently completed quarter.
Monsanto said the 2012 drought that parched stretches of the United States forced it to use South American greenhouses more to produce corn seeds. That contributed to a 7 percent increase in cost of goods sold in this year’s quarter. Monsanto decided to eat the higher expenses tied to seed production instead of passing them along through price hikes.