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Tuesday, November 10, 2009

Monsanto Co. Reaffirms 2010 EPS View

By Kathryn Glass

FOXBusiness

Agricultural products giant Monsanto Co. (MON) said Tuesday it would ramp up efforts to launch new premium corn and soybean seeds and also reaffirmed its outlook for fiscal 2010.

The company affirmed that 2010 earnings would range between $3.10 and $3.30 per share. Analysts polled by Thomson Reuters were expecting earnings of $3.35 per share in fiscal 2010.

Monsanto said gross profit in 2012 would range between $8.6 billion and $8.8 billion. The St. Louis, Mo.-based company said it expects its Seeds and Genomics platform to represent $7.3 billion to $7.5 billion of its 2012 gross profit.

"We are positioned as an agricultural technology company that can consistently deliver innovation on farm every year, and our R&D prowess makes it possible for us to deliver the positive mix lift across our product offerings," said Monsanto President and CEO Hugh Grant, in a release. "This creates real value for farmer customers that will in turn strengthen their businesses."

Shares of Monsanto rose $3.66 or 5.23% in Tuesday’s trading session, to close at $73.66 per share.

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