US Monsanto raises earning guidance after strong fiscal Q3 sales

30 May 2012 16:44  [Source: ICIS news]

HOUSTON (ICIS)--Monsanto raised its guidance for fiscal 2012 earnings per share after strong sales in the third quarter ending on Wednesday, the US-based producer agricultural products and chemicals said.

Monsanto expects ongoing earnings per share for the fiscal year ending 31 August to come in at $3.65 to $3.70, reflecting a year-on-year earnings improvement of up to 25%. Monsanto’s previous 2012 guidance was $3.49 to $3.54.

"With continued strong sales in the third quarter, the performance we saw in the early part of the year has proven to be a powerful signal of even better results from some key businesses," CEO Hugh Grant said. 

"Now that we have a more complete view on the greater planted acres from the US and Europe, it is clear our performance reflects an even greater component of business strength and momentum versus timing of a historically early selling and planting season," Grant said.

In the key US market, larger total acres planted of both corn and soybeans drove strength that continued from early spring throughout the planting season, he added.

"Looking beyond this year, we feel very good that the fundamentals driving 2012 carry into next year as well, and we have the strategic growth drivers in place to support continued growth in 2013," Grant said. 

($1 = €0.80)

By: Stefan Baumgarten
+1 713 525 2653

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