Income Statement
Quarterly Data

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.

Monsanto Co., consolidated income statement (quarterly data)

US$ in millions

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	5,019)	2,658)	2,686)	4,230)	5,074)	2,650)	2,562)	4,189)	4,532)	2,219)	2,355)	4,579)	5,197)	2,870)	2,630)	4,250)	5,832)	3,143)	2,202)	4,248)	5,472)	2,939)	2,098)	4,219)	4,748)	2,439)
Cost of goods sold	(2,053)	(1,346)	(1,346)	(1,844)	(2,122)	(1,391)	(1,424)	(1,809)	(1,934)	(1,318)	(1,359)	(1,843)	(2,158)	(1,459)	(1,397)	(1,919)	(2,385)	(1,580)	(1,278)	(1,986)	(2,402)	(1,542)	(1,217)	(1,856)	(2,043)	(1,343)
Gross profit	2,966)	1,312)	1,340)	2,386)	2,952)	1,259)	1,138)	2,380)	2,598)	901)	996)	2,736)	3,039)	1,411)	1,233)	2,331)	3,447)	1,563)	924)	2,262)	3,070)	1,397)	881)	2,363)	2,705)	1,096)
Selling, general and administrative expenses	(652)	(664)	(938)	(789)	(657)	(585)	(975)	(729)	(586)	(543)	(741)	(718)	(647)	(580)	(905)	(655)	(625)	(589)	(778)	(632)	(598)	(542)	(709)	(638)	(543)	(500)
Research and development expenses	(394)	(382)	(439)	(417)	(381)	(370)	(421)	(387)	(340)	(364)	(422)	(374)	(372)	(412)	(485)	(427)	(404)	(409)	(435)	(392)	(360)	(346)	(438)	(375)	(353)	(351)
Restructuring charges	1)	(4)	6)	17)	(23)	36)	(7)	(15)	(9)	(266)	(393)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	10)	—)	—)	—)
Pending Bayer transaction related costs	(25)	(20)	(32)	(33)	(27)	(93)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating expenses	(1,070)	(1,070)	(1,403)	(1,222)	(1,088)	(1,012)	(1,403)	(1,131)	(935)	(1,173)	(1,556)	(1,092)	(1,019)	(992)	(1,390)	(1,082)	(1,029)	(998)	(1,213)	(1,024)	(958)	(888)	(1,137)	(1,013)	(896)	(851)
Income (loss) from operations	1,896)	242)	(63)	1,164)	1,864)	247)	(265)	1,249)	1,663)	(272)	(560)	1,644)	2,020)	419)	(157)	1,249)	2,418)	565)	(289)	1,238)	2,112)	509)	(256)	1,350)	1,809)	245)
Interest expense	(105)	(124)	(114)	(100)	(102)	(136)	(104)	(100)	(103)	(129)	(130)	(96)	(92)	(115)	(113)	(42)	(40)	(53)	(49)	(37)	(35)	(51)	(52)	(39)	(47)	(53)
Interest income	24)	15)	23)	17)	18)	18)	23)	14)	17)	20)	21)	18)	28)	38)	38)	17)	23)	24)	23)	19)	27)	23)	18)	21)	20)	18)
Other income (expense), net	24)	97)	9)	(4)	88)	(43)	138)	35)	(170)	(25)	(15)	(10)	6)	(15)	(18)	(3)	(61)	(20)	(26)	4)	(22)	(17)	—)	(3)	(37)	(6)
Income (loss) from continuing operations before income taxes	1,839)	230)	(145)	1,077)	1,868)	86)	(208)	1,198)	1,407)	(406)	(684)	1,556)	1,962)	327)	(250)	1,221)	2,340)	516)	(341)	1,224)	2,082)	464)	(290)	1,329)	1,745)	204)
Income tax (provision) benefit	(381)	(60)	170)	(230)	(505)	(61)	1)	(483)	(350)	137)	187)	(401)	(550)	(100)	87)	(341)	(672)	(152)	102)	(292)	(603)	(122)	70)	(361)	(540)	(70)
Income (loss) from continuing operations including portion attributable to noncontrolling interest	1,458)	170)	25)	847)	1,363)	25)	(207)	715)	1,057)	(269)	(497)	1,155)	1,412)	227)	(163)	880)	1,668)	364)	(239)	932)	1,479)	342)	(220)	968)	1,205)	134)
Income (loss) from discontinued operations	2)	1)	—)	—)	3)	10)	2)	—)	3)	12)	5)	—)	7)	16)	—)	—)	4)	9)	—)	—)	4)	7)	1)	(2)	7)	—)
Net income (loss)	1,460)	171)	25)	847)	1,366)	35)	(205)	715)	1,060)	(257)	(492)	1,155)	1,419)	243)	(163)	880)	1,672)	373)	(239)	932)	1,483)	349)	(219)	966)	1,212)	134)
Net (income) loss attributable to noncontrolling interest	(1)	(2)	(5)	(4)	2)	(6)	14)	2)	3)	4)	(3)	(14)	6)	—)	7)	(22)	(2)	(5)	(10)	(23)	—)	(10)	(10)	(29)	(1)	(8)
Net income (loss) attributable to Monsanto Company	1,459)	169)	20)	843)	1,368)	29)	(191)	717)	1,063)	(253)	(495)	1,141)	1,425)	243)	(156)	858)	1,670)	368)	(249)	909)	1,483)	339)	(229)	937)	1,211)	126)

Net Sales: Net sales exhibited notable seasonality and general growth over the observed periods. Peaks are often recorded in the February and November quarters, with some fluctuations likely due to market or operational factors. There was a general upward trend from late 2011 through early 2014, followed by some volatility but relatively sustained high sales levels toward early 2018.
Cost of Goods Sold (COGS): COGS followed a pattern broadly consistent with net sales, showing corresponding increases and decreases. The gross margin appeared to be maintained relatively consistently, suggesting effective cost management relative to sales fluctuations. Occasional spikes and troughs reflect variability in production or input costs.
Gross Profit: Gross profit generally tracked net sales trends but showed considerable variability, with some quarters displaying marked increases indicative of improved margins. The periods around early 2014 and early 2015 showed particularly strong gross profits, while some mid-2015 and late 2015 quarters saw decreases aligned with lower sales and elevated costs.
Selling, General and Administrative (SG&A) Expenses: SG&A expenses demonstrated a steady increase over time, with occasional spikes that may reflect investments in administrative functions or marketing. The expense levels appear to fluctuate somewhat in tandem with sales activity but also show instances of rising costs independent of sales increases, implying potential strategic expansion or restructuring efforts.
Research and Development (R&D) Expenses: R&D spending remained relatively consistent as a proportion of revenue, with some fluctuations. Increases in R&D expenses were observed in certain quarters, possibly reflecting intensified innovation efforts. The pattern suggests a stable commitment to development activities throughout the period.
Restructuring Charges: Restructuring charges were mostly absent or minimal during the early periods, with some notable exceptions occurring mainly between 2015 and 2017. These outlays corresponded with phases of operational adjustment or organizational changes, signaling attempts to improve efficiency or realign business focus.
Bayer Transaction Related Costs: Costs related to the pending Bayer transaction appeared in the later periods, reflecting significant expense recognition related to corporate transactions. This indicates preparatory or integration costs impacting the income statement during these quarters.
Operating Expenses: Operating expenses as a whole increased over time, driven both by rises in SG&A and R&D, as well as restructuring and specific transaction costs in later periods. Fluctuations point to evolving operational scale and complexity, with some quarters showing sharp increases corresponding to strategic corporate activities.
Income (Loss) from Operations: Operating income exhibited high volatility across quarters, with strong positive results coinciding with peak sales periods. However, several quarters displayed losses or substantially reduced operating income, particularly during quarters with elevated restructuring expenses or other unusual charges. Overall, profitability showed resilience with a general positive trend after early fluctuations.
Interest Expense and Income: Interest expenses remained relatively stable but showed an uptick in some later quarters, suggesting changes in debt levels or borrowing costs. Interest income was generally consistent with minor fluctuations, indicating steady investment returns or cash management performance.
Other Income (Expense), Net: This category displayed both positive and negative values, reflecting gains and losses from miscellaneous operations or non-core activities. Some quarters saw material positive or negative swings, impacting pre-tax income unpredictably.
Income from Continuing Operations Before Income Taxes: Pre-tax income closely followed the pattern of operating income but was influenced by interest and other income/expense items. Volatility was evident, with significant losses in certain quarters but also substantial profits aligning with operational strength.
Income Tax Provision (Benefit): Income tax expenses mirrored pre-tax income trends but showed occasional negative provisions (tax benefits), reducing the effective tax burden in specific quarters. This variability contributed to net income fluctuations and may reflect timing differences or tax planning.
Income from Continuing Operations and Net Income: Net income generally paralleled continuing operations income, with small contributions from discontinued operations. Despite some quarters showing losses, especially in mid-periods, the company delivered positive net income overall, with periodic peaks related to strong operational quarters and effective tax management strategies.
Noncontrolling Interest: The impact of noncontrolling interests was minor and fluctuated around zero, with occasional small positive or negative effects on net income attributable to the company. This indicates limited influence from minority stakeholders on consolidated earnings.

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Monsanto Co. (NYSE:MON)

Income Statement Quarterly Data

Income Statement
Quarterly Data