Stock Analysis on Net
Stock Analysis on Net

Monsanto Co. (NYSE:MON)

This company has been moved to the archive! The financial data has not been updated since April 5, 2018.

Common-Size Income Statement 
Quarterly Data

Monsanto Co., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016 Feb 29, 2016 Nov 30, 2015 Aug 31, 2015 May 31, 2015 Feb 28, 2015 Nov 30, 2014 Aug 31, 2014 May 31, 2014 Feb 28, 2014 Nov 30, 2013 Aug 31, 2013 May 31, 2013 Feb 28, 2013 Nov 30, 2012 Aug 31, 2012 May 31, 2012 Feb 29, 2012 Nov 30, 2011
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of goods sold -40.90 -50.64 -50.11 -43.59 -41.82 -52.49 -55.58 -43.18 -42.67 -59.40 -57.71 -40.25 -41.52 -50.84 -53.12 -45.15 -40.90 -50.27 -58.04 -46.75 -43.90 -52.47 -58.01 -43.99 -43.03 -55.06
Gross profit 59.10% 49.36% 49.89% 56.41% 58.18% 47.51% 44.42% 56.82% 57.33% 40.60% 42.29% 59.75% 58.48% 49.16% 46.88% 54.85% 59.10% 49.73% 41.96% 53.25% 56.10% 47.53% 41.99% 56.01% 56.97% 44.94%
Selling, general and administrative expenses -12.99 -24.98 -34.92 -18.65 -12.95 -22.08 -38.06 -17.40 -12.93 -24.47 -31.46 -15.68 -12.45 -20.21 -34.41 -15.41 -10.72 -18.74 -35.33 -14.88 -10.93 -18.44 -33.79 -15.12 -11.44 -20.50
Research and development expenses -7.85 -14.37 -16.34 -9.86 -7.51 -13.96 -16.43 -9.24 -7.50 -16.40 -17.92 -8.17 -7.16 -14.36 -18.44 -10.05 -6.93 -13.01 -19.75 -9.23 -6.58 -11.77 -20.88 -8.89 -7.43 -14.39
Restructuring charges 0.02 -0.15 0.22 0.40 -0.45 1.36 -0.27 -0.36 -0.20 -11.99 -16.69 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.48 0.00 0.00 0.00
Pending Bayer transaction related costs -0.50 -0.75 -1.19 -0.78 -0.53 -3.51 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating expenses -21.32% -40.26% -52.23% -28.89% -21.44% -38.19% -54.76% -27.00% -20.63% -52.86% -66.07% -23.85% -19.61% -34.56% -52.85% -25.46% -17.64% -31.75% -55.09% -24.11% -17.51% -30.21% -54.19% -24.01% -18.87% -34.89%
Income (loss) from operations 37.78% 9.10% -2.35% 27.52% 36.74% 9.32% -10.34% 29.82% 36.69% -12.26% -23.78% 35.90% 38.87% 14.60% -5.97% 29.39% 41.46% 17.98% -13.12% 29.14% 38.60% 17.32% -12.20% 32.00% 38.10% 10.05%
Interest expense -2.09 -4.67 -4.24 -2.36 -2.01 -5.13 -4.06 -2.39 -2.27 -5.81 -5.52 -2.10 -1.77 -4.01 -4.30 -0.99 -0.69 -1.69 -2.23 -0.87 -0.64 -1.74 -2.48 -0.92 -0.99 -2.17
Interest income 0.48 0.56 0.86 0.40 0.35 0.68 0.90 0.33 0.38 0.90 0.89 0.39 0.54 1.32 1.44 0.40 0.39 0.76 1.04 0.45 0.49 0.78 0.86 0.50 0.42 0.74
Other income (expense), net 0.48 3.65 0.34 -0.09 1.73 -1.62 5.39 0.84 -3.75 -1.13 -0.64 -0.22 0.12 -0.52 -0.68 -0.07 -1.05 -0.64 -1.18 0.09 -0.40 -0.58 0.00 -0.07 -0.78 -0.25
Income (loss) from continuing operations before income taxes 36.64% 8.65% -5.40% 25.46% 36.82% 3.25% -8.12% 28.60% 31.05% -18.30% -29.04% 33.98% 37.75% 11.39% -9.51% 28.73% 40.12% 16.42% -15.49% 28.81% 38.05% 15.79% -13.82% 31.50% 36.75% 8.36%
Income tax (provision) benefit -7.59 -2.26 6.33 -5.44 -9.95 -2.30 0.04 -11.53 -7.72 6.17 7.94 -8.76 -10.58 -3.48 3.31 -8.02 -11.52 -4.84 4.63 -6.87 -11.02 -4.15 3.34 -8.56 -11.37 -2.87
Income (loss) from continuing operations including portion attributable to noncontrolling interest 29.05% 6.40% 0.93% 20.02% 26.86% 0.94% -8.08% 17.07% 23.32% -12.12% -21.10% 25.22% 27.17% 7.91% -6.20% 20.71% 28.60% 11.58% -10.85% 21.94% 27.03% 11.64% -10.49% 22.94% 25.38% 5.49%
Income (loss) from discontinued operations 0.04 0.04 0.00 0.00 0.06 0.38 0.08 0.00 0.07 0.54 0.21 0.00 0.13 0.56 0.00 0.00 0.07 0.29 0.00 0.00 0.07 0.24 0.05 -0.05 0.15 0.00
Net income (loss) 29.09% 6.43% 0.93% 20.02% 26.92% 1.32% -8.00% 17.07% 23.39% -11.58% -20.89% 25.22% 27.30% 8.47% -6.20% 20.71% 28.67% 11.87% -10.85% 21.94% 27.10% 11.87% -10.44% 22.90% 25.53% 5.49%
Net (income) loss attributable to noncontrolling interest -0.02 -0.08 -0.19 -0.09 0.04 -0.23 0.55 0.05 0.07 0.18 -0.13 -0.31 0.12 0.00 0.27 -0.52 -0.03 -0.16 -0.45 -0.54 0.00 -0.34 -0.48 -0.69 -0.02 -0.33
Net income (loss) attributable to Monsanto Company 29.07% 6.36% 0.74% 19.93% 26.96% 1.09% -7.46% 17.12% 23.46% -11.40% -21.02% 24.92% 27.42% 8.47% -5.93% 20.19% 28.64% 11.71% -11.31% 21.40% 27.10% 11.53% -10.92% 22.21% 25.51% 5.17%

Based on: 10-Q (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-K (reporting date: 2017-08-31), 10-Q (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-K (reporting date: 2016-08-31), 10-Q (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-K (reporting date: 2015-08-31), 10-Q (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-28), 10-Q (reporting date: 2014-11-30), 10-K (reporting date: 2014-08-31), 10-Q (reporting date: 2014-05-31), 10-Q (reporting date: 2014-02-28), 10-Q (reporting date: 2013-11-30), 10-K (reporting date: 2013-08-31), 10-Q (reporting date: 2013-05-31), 10-Q (reporting date: 2013-02-28), 10-Q (reporting date: 2012-11-30), 10-K (reporting date: 2012-08-31), 10-Q (reporting date: 2012-05-31), 10-Q (reporting date: 2012-02-29), 10-Q (reporting date: 2011-11-30).

Cost of Goods Sold
The cost of goods sold as a percentage of net sales fluctuated considerably over the periods, ranging from approximately -40.25% to -59.4%. There is an observable pattern of rising costs in several quarters, notably peaking around August and November 2012 and again in August and November 2015, indicating periods of increased production or procurement expenses. The costs show cyclical volatility, without a clear long-term upward or downward trend.
Gross Profit
Gross profit margins varied inversely to the cost of goods sold, with percentages ranging roughly between 40.6% and 59.75%. The highest gross profit margins occur concurrently with lower cost of goods sold periods, such as early 2014 and early 2015, highlighting effective margin management during these times. The data suggests seasonal dynamics impacting gross margins, with profitability decreasing in some mid-year quarters.
Selling, General and Administrative Expenses (SG&A)
SG&A expenses as a percentage of net sales showed significant variability, oscillating between approximately -10.72% and -38.06%. The expense ratio tends to spike during certain quarters, particularly noticeable in August 2012, August 2013, and August 2016, indicating possible episodic increases in administrative or selling activities.
Research and Development Expenses (R&D)
R&D expenses showed a consistent pattern of variation from around -6.58% to -20.88%, with the lowest points typically early in the year and higher relative spends in mid to late-year quarters. The stability in R&D expense ratios suggests ongoing investment in innovation, albeit with some seasonal expenditure adjustments.
Restructuring Charges and Transaction-Related Costs
Restructuring charges appeared sporadically, notably registering a significant negative impact during early 2016 quarters. Pending transaction-related costs emerged in the later periods, particularly in 2017 and early 2018, representing minor but recurring expense items likely linked to corporate activities during those times.
Operating Expenses
Operating expenses as a percentage of net sales mirrored the tendencies of SG&A and R&D expenses combined, fluctuating between roughly -17.51% and -66.07%. Several quarters exhibited notable spikes indicating operational disruptions or increased spending, such as in August 2015 and periodically in mid-year quarters across years.
Income (Loss) from Operations
Operational income demonstrated significant volatility ranging from positive peaks above 40% early-to-mid 2014, to negative results below -23% in 2015. These fluctuations are reflective of the combined effects of gross profit trends and varying operating expenses, indicating periods of both strong profitability and operational challenges.
Interest Expense and Income
Interest expenses fluctuated between -0.64% and -5.81%, showing occasional peaks in late 2014 and 2015, indicative of higher debt servicing costs during those periods. Interest income remained relatively low and stable, mostly under 1%, showing modest returns on investments or cash reserves.
Other Income (Expense), Net
This category showed variability with occasional positive spikes such as 5.39% in August 2016 and negative results in several quarters, indicating irregular gains or losses impacting financial results, possibly from non-operating activities or one-time items.
Income (Loss) Before Taxes
The pre-tax income followed the pattern of operating income with significant volatility, ranged from highs near 40% to lows below -29%. This underscores the sensitivity of earnings to operating performance and one-time or non-operating adjustments, leading to marked fluctuations throughout the reported periods.
Income Tax Provision (Benefit)
The income tax provision oscillated widely, including both positive and negative values, reflecting tax expenses and benefits across quarters. Some periods saw tax benefits (positive values) coinciding with operating losses, which influenced net income outcomes.
Net Income (Loss)
Net income as a percentage of net sales showed a pattern of significant volatility, with profitable quarters reaching up to nearly 29% and loss-making quarters falling below -20%. The net income closely tracked income from continuing operations, highlighting the influence of operational performance on bottom-line results. Noncontrolling interests had minor effects but generally reduced attributable income slightly in certain quarters.
Overall Trends and Insights
The financial data exhibits marked cyclical and seasonal fluctuations influencing cost structures, operating expenses, and profitability. Peaks in expenses tend to coincide with reduced margins and net income, indicating sensitivity to cost management and operational efficiencies. The presence of restructuring charges and transaction-related costs in specific periods suggests episodic corporate actions impacting financial results. Interest expenses vary notably, hinting at changing leverage or debt conditions during the years. Overall, the company experiences periods of strong profitability interspersed with quarters of losses, emphasizing the importance of managing both operating costs and external factors to sustain earnings stability.