Name: Monsanto Co. (NYSE:MON) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Monsanto Co., consolidated income statement

US$ in millions

12 months ended:	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013	Aug 31, 2012
Net sales	14,640)	13,502)	15,001)	15,855)	14,861)	13,504)
Cost of goods sold	(6,703)	(6,485)	(6,819)	(7,281)	(7,208)	(6,459)
Gross profit	7,937)	7,017)	8,182)	8,574)	7,653)	7,045)
Selling, general and administrative expenses	(2,969)	(2,833)	(2,686)	(2,774)	(2,550)	(2,390)
Research and development expenses	(1,607)	(1,512)	(1,580)	(1,725)	(1,533)	(1,517)
Restructuring charges	36)	(297)	(393)	—)	—)	10)
Pending Bayer transaction related costs	(185)	—)	—)	—)	—)	—)
Operating expenses	(4,725)	(4,642)	(4,659)	(4,499)	(4,083)	(3,897)
Income from operations	3,212)	2,375)	3,523)	4,075)	3,570)	3,148)
Interest expense	(452)	(436)	(433)	(248)	(172)	(191)
Interest income	76)	74)	105)	102)	92)	77)
Other income (expense), net	50)	(22)	(34)	(102)	(61)	(46)
Income from continuing operations before income taxes	2,886)	1,991)	3,161)	3,827)	3,429)	2,988)
Income tax provision	(626)	(695)	(864)	(1,078)	(915)	(901)
Income from continuing operations including portion attributable to noncontrolling interest	2,260)	1,296)	2,297)	2,749)	2,514)	2,087)
Income on discontinued operations	13)	17)	28)	13)	11)	6)
Net income	2,273)	1,313)	2,325)	2,762)	2,525)	2,093)
Net (income) loss attributable to noncontrolling interest	(13)	23)	(11)	(22)	(43)	(48)
Net income attributable to Monsanto Company	2,260)	1,336)	2,314)	2,740)	2,482)	2,045)

Based on: 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31).

The financial performance from 2012 to 2017 is characterized by fluctuations in revenue and profitability, with a notable peak in 2014 followed by a significant contraction in 2016 and a subsequent recovery in 2017.

Revenue and Gross Profitability: Net sales grew steadily from 13,504 million US$ in 2012 to a peak of 15,855 million US$ in 2014. A downward trend followed, with sales dropping to 13,502 million US$ by 2016 before rebounding to 14,640 million US$ in 2017. Gross profit mirrored this volatility, peaking at 8,574 million US$ in 2014. The gross profit margin remained consistently strong throughout the period, generally fluctuating between 50% and 54% of net sales.
Operating Expense Analysis: Selling, general, and administrative expenses exhibited a consistent upward trajectory, increasing from 2,390 million US$ in 2012 to 2,969 million US$ in 2017. Research and development expenditures remained relatively stable, averaging approximately 1.6 billion US$ annually, reflecting a sustained commitment to innovation. Operating income was highest in 2014 at 4,075 million US$ but experienced a sharp decline to 2,375 million US$ in 2016, influenced by both lower sales and the impact of restructuring charges totaling 297 million US$ that year.
Financial Costs and Other Income: A significant increase in interest expenses is observed, rising from 191 million US$ in 2012 to 452 million US$ in 2017. This trend suggests a substantial increase in the company's debt burden over the six-year period. Interest income remained relatively flat, fluctuating slightly between 74 million US$ and 105 million US$. In 2017, the introduction of 185 million US$ in pending Bayer transaction related costs further impacted the bottom line.
Net Income Trends: Net income attributable to the company peaked in 2014 at 2,740 million US$. A pronounced decline occurred in 2016, where net income dropped to 1,336 million US$, representing the lowest point in the analyzed period. By 2017, profitability recovered to 2,260 million US$. This volatility indicates a sensitivity to market conditions and the impact of one-time restructuring and transaction-related charges.

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