10 September 2009 12:16 [Source: ICIS news]
LONDON (ICIS news)--Monsanto’s full-year earnings per share (EPS) will be at the low end of the previously announced $4.40 (€3.07) to $4.50 range, the US agribusiness giant said on Thursday.
“Gross profit for Roundup and other glyphosate-based herbicides is expected to be lower than anticipated, offset by expected slightly higher seeds and genomics gross profits, incremental selling, general and administrative savings and a lower tax rate,” the company said in a statement.
The company forecast EPS in the range of $3.10 to $3.30 for the 2010 fiscal year. Total gross profit was expected to reach $6.1bn to $6.3bn in 2010, with the seeds and traits business's gross profit crossing the $5bn mark for the first time.
"We are now managing our way through a competitive spike in the supply of generic glyphosate. The financial effect for us has been that we are now targeting to optimise the gross profit from Roundup and other glyphosate-based products at $1 billion annually,” said Monsanto’s CFO Carl Casale.
($1 = €0.70)
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