According to the Associated Press, Monsanto will be cutting up to 700 more jobs based on the expectation of its full year earnings at the low end of its previous expected range.
Based here in St. Louis, the company expects ongoing earnings, which excludes some items, between $2.40 per share and $2.45 per share for the fiscal year that ends Tuesday.
The previous expected range was $2.40 to $2.60 per share.
Monsanto also says it’s cutting about 650 to 700 more jobs as it continues to restructure its business. The company has more than 20,000 total employees.
The job cuts will lead to $90 million in severance and benefit costs, $60 million in facility closure expenses and $30 million in asset writedowns.
Information from t he Associated Press contributed to this report.