Monsanto Affirms Full-year Profit Expectations

Monsanto Co. said Wednesday it still expects fiscal 2016 adjusted earnings per share to be a the "low-end" of the expected range of $4.40 to $5.10. The FactSet consensus is for EPS of $4.43. The seeds and farming services company said expectations for free cash flow for the year remains $1.3 billion to $1.5 billion. For 2017, Monsanto said it still believes EPS will return to growth, while current FactSet consensus estimates implies 12% growth to $4.96 a share. The company said Chief Executive Hugh Grant will be speaking at company's eighth Whistle Stop tour event for investors. "Monsanto has the right strategic plan in place to create significant shareowner value over the long term, built on strong business fundamentals," Grant said in a statement. The stock was shedding 1.7% in midday trade, putting it on course to suffer its seventh loss in eight sessions. It has gained 5.2% year to date, while the S&P 500 has advanced 6.1%.