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Monsanto sows the seeds for reaching top-end of full year guidance
US agricultural group Monsanto Company (NYSE:MON) said it expects full year earnings will reach the top-end of its guidance on strong sales growth from its corn and soybean seeds businesses.
The company, which is being taken over by Germany’s Bayer AG for US$66bn, anticipates fiscal year 2017 earnings per share at the high-end of its forecast range of US$3.95 to US$4.44 on a reported basis and ongoing earnings of US$4.50 to US$4.90 per share.
Monsanto updated outlook on the full year followed a strong second quarter ended 28 February with net income attributable to the company rising to US$1.4mln from US$1.0mln a year earlier and total net sales climbing to US$5.0mln from US$4.5mln.
Sales of corn seed and traits edged up 8% while sales of soybean seeds and traits jumped 10.2% as US farmers prepared to plant the largest combined corn and soybean acres on record.
In September Monsanto agreed a US$128 per share takeover offer from Bayer.
Bayer in February said it was on track to clear regulatory obstacles by year-end, which if approved would create a company with more than a quarter of the world market for seeds and pesticides.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/176027/monsanto-sows-the-seeds-for-reaching-top-end-of-full-year-guidance-176027.html
