By THE ASSOCIATED PRESS
Published: October 2, 2013 at 12:18 PM ET
WASHINGTON — Agricultural business giant Monsanto Co. reported worse-than-expected losses for its fiscal fourth quarter on Wednesday, due to lower sales of its genetically engineered seeds.
The company forecast for fiscal 2014 also came in below Wall Street expectations, and it revealed plans to buy farming software and data firm The Climate Corporation. The combination sent shares lower in morning trading.
Monsanto said separately it would pay $930 million in cash for the Climate Corporation, which was founded in 1996 by engineers from Google and other Silicon Valley companies. The company’s technology uses weather forecasting and data analysis to help farmers plan their growing seasons.