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KANSAS CITY, Mo. — Seedmaker Monsanto said Wednesday its fiscal third-quarter net income tumbled 45 percent as its Roundup weedkiller business shrank amid intense generic competition.
The St. Louis company said its net income dropped to $384 million, or 70 cents a share, in the quarter ended May 31, from $694 million, or $1.25 a share, a year ago. Excluding $86 million in restructuring costs linked to downsizing the Roundup unit, profit would have totaled 81 cents per share.
