Monsanto Q2 EPS beats market expectations; raises FY outlook |
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Wed, 04 Apr 2007 13:50
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ST LOUIS (AFX) - Monsanto Co, the world's biggest biotech seed company, posted a second quarter profit that came in ahead of expectations, and raised its guidance for the full year.The company reported diluted EPS of 0.98 usd, slightly higher than the 0.94 usd predicted by a Thomson Financial poll, and well ahead of the 0.80 usd it made the same time last year.Monsanto said it now expects full-year EPS in a range of 1.60-1.65 usd, both on a reported and ongoing basis, up from its previous guidance of 1.50-1.57.Chairman, president and chief executive Hugh Grant said: 'While the 2007 agriculture season is shaping up to be an outstanding one, the strong demand that we have seen for our higher-yielding corn seeds and our higher-margin, triple-trait corn technology has translated into an excellent second quarter and first half for our business.'Second quarter net sales were 2.6 bln usd, up 19 pct on last year, with increased corn seed and traits revenues in the US and higher sales of roundup and other glyphosate-based herbicides in Brazil, the Europe-Africa region and Argentina the key drivers.However it said increased sales in the current quarter were partially offset by lower soybean seed and traits revenues in the US, because the total number of soybean acres is expected to be reduced in favor of corn.newsdesk@afxnews.comwjCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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