Monsanto Company (NYSE: MON) today
announced that it is increasing estimates for the company's
third-quarter 2005 ongoing earnings per share (EPS) guidance
on the strength of the performance from the company's seeds
and traits business.
Driven by strong sales of
biotech traits in the United States, increased corn seed
sales, increased cotton trait revenues in India, and
favorable timing of Roundup sales in the United States and
Europe, Monsanto now expects ongoing EPS to be approximately
$1.05 for the third quarter, or approximately $0.12 to $0.17
on an as-reported basis. The previous EPS expectation for
the third quarter was roughly $1.00 per share on an ongoing
basis, or in the range of $0.15 to $0.22 on an as-reported
basis. The updated as-reported EPS guidance reflects more
precise estimates for in-process R&D write-offs associated
with the Seminis and Emergent acquisitions, which now have
been completed. (See reconciliation table with this news
release.)
"Our seeds and traits
business continues to generate positive momentum, and the
results we've seen so far indicate that our core strategy is
not only on track, but continues to outpace the expectations
we had as our fiscal year began," said Hugh Grant,
Monsanto's chairman, president and chief executive officer.
The company's full-year
ongoing EPS guidance and guidance for free cash flow remain
unchanged. Monsanto will report its complete third-quarter
earnings Wednesday, June 29.
Monsanto Company (NYSE: MON - News) is a leading industry
provider of technology-based solutions and agricultural
products that improve farm efficiency and food quality.