Monsanto Updates Fiscal 2016 Forecasts As It Books Additional Restructuring Charges
Monsanto Co. said Tuesday it expects fiscal 2016 adjusted earnings per share to range from $5.10 to $5.60 as it books additional charges for restructuring. The company said it now expects to generate savings of $500 million by the end of fiscal 2018. On a reported basis, the agricultural giant is expecting EPS of $4.00 to $4.66, the company said in a statement prepared for a Morgan Stanley conference. The current FactSet consensus is for fiscal 2016 EPS of $5.36. Monsanto said it still expects free cash flow of $1.6 billion to $1.8 billion for the year, with net cash from operating activities expected to range from $2.7 billion to $3.1 billion and net cash from investing activities to range from $1.1 billion to $1.3 billion. Shares were not yet active in premarket trade, but are down 21% in the year so far, while the S&P 500 has gained about 1%.
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