29 May 2013 15:02 [Source: ICIS news]
HOUSTON (ICIS)--US agrochemicals major Monsanto on Wednesday raised its fiscal 2013 earnings per share guidance as it projects "greater than 20% ongoing earnings growth".
For the 2013 fiscal year ending 31 August, Monsanto raised ongoing earnings per share guidance to $4.50-$4.55, from previous guidance of $4.40-$4.50.
CEO Hugh Grant said "continued business momentum" was propelling Monsanto’s earnings, and the momentum was expected to carry through into fiscal 2014.
"We're in a growth mode, and with the combination of momentum in our core businesses and new layers of growth coming online from an increasingly global portfolio, we have the strategic drivers in place to continue our growth trajectory next year and beyond," Grant said.
"On top of an even-greater 2013 base, we're confident in projecting strong earnings growth in fiscal year 2014, even at this relatively early point," he added.
The key drivers for Monsanto’s business are continued growth at its core North American business, expansion from emerging areas of growth – "including the corn opportunity" in Latin America and eastern Europe – and new growth platforms, such as new soybean platforms in the Americas and next-generation technologies.
In fiscal 2012, Monsanto's ongoing earnings per share were $3.70. The company reported diluted earnings per share of $3.79 in fiscal 2012, up by 28% year on year from fiscal 2011.
($1 = €0.78)
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