Monsanto Company (NYSE: MON) today announced it is increasing its first-quarter 2004 earnings per share (EPS) guidance. “We’re seeing better-than-expected performance in our Brazilian business and the timing of our U.S. sales had a favorable effect on our earnings this quarter,” said Terry Crews, Monsanto’s chief financial officer.

First-quarter EPS, on both an ongoing business basis and on a reported basis, is expected to be better than the company’s previous guidance by approximately $0.10 per share. The original EPS guidance on an ongoing business basis was $(0.07) to $(0.12); and on a reported basis was $(0.54) to $(0.59). Guidance on ongoing business basis does not include the effect of the restructuring actions Monsanto announced in October – including the impact of exiting the European wheat and barley business, which will be treated as discontinued operations – and the goodwill write-off related to the global wheat business.

EPS guidance for the 2004 fiscal year remains unchanged in the range of $1.40 to $1.50, excluding the effect of the restructuring charges (estimated at $0.59 per share for the full year) and of the goodwill write-off related to the decision to exit the European wheat and barley business ($0.26 per share for the full year). On a reported basis, 2004 EPS guidance remains in the range of $0.55 to $0.65 (including the estimated full-year restructuring charge and goodwill write-off).

Management also reconfirmed free cash flow guidance for fiscal year 2004 in the range of $350 million to $400 million. The company expects net cash provided by operations to be in the range of $540 million to $570 million, and net cash required by investing activities to be in the range of $170 million to $190 million.

Monsanto will report full details of its 2004 first-quarter earnings on Jan. 7, 2004.

Monsanto Company is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality.