Monsanto's (MON) Q2 Earnings Up 10%; FY11 Free Cash Flow Outlook Raised
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Weighted Average Shares Outstanding Basic: 437.1M
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Financial Fact:
Weighted Average Shares Outstanding Basic: 437.1M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Monsanto (NYSE: MON) shares are modestly lower in pre-open trade Wednesday following mixed second-quarter results. The stock last traded at $73.10, down 0.3 percent from Tuesday's closing price.
The seed and herbicide manufacturer posted quarterly earnings from ongoing operations of $1.87 per share, up about 10 percent from the $1.70 reported during the same quarter last year. Total net sales came in at $4.13 billion, a 6 percent increase from sales of $3.89 billion last year.
Analysts on the Street had been expecting Monsanto to report quarterly earnings per share of $1.85 on revenue of $4.15 billion.
Monsanto reported total sales within its Seeds and Genomics segment of $3.42 billion, up about 5.3 percent from the second quarter of 2010. Corn seed traits saw the majority of sales, about $2.39 billion, while soybean seed made up about $615 million in sales and vegetable seed and traits accounted for $229 million.
"We came into this year with an operational plan built around creating value for our customers," said Hugh Grant, chairman, president and CEO for Monsanto. "It was a plan that was designed for balanced growth – across crops, across geographies and through a combination of mix and volume improvements. We exist to serve our farmer customers, and it is rewarding to see this plan is resonating with them. Given the tempo of the year, we are where we should be, and we have the right pieces and the right execution to feel very good that mid-teens earnings growth in 2011 is on track."
While Monsanto affirmed its previously announced ongoing EPS guidance for fiscal year 2011 (in the range of $2.72-$2.82), the company raised its free cash flow guidance to a range of $900 million to $1.1 billion.
The seed and herbicide manufacturer posted quarterly earnings from ongoing operations of $1.87 per share, up about 10 percent from the $1.70 reported during the same quarter last year. Total net sales came in at $4.13 billion, a 6 percent increase from sales of $3.89 billion last year.
Analysts on the Street had been expecting Monsanto to report quarterly earnings per share of $1.85 on revenue of $4.15 billion.
Monsanto reported total sales within its Seeds and Genomics segment of $3.42 billion, up about 5.3 percent from the second quarter of 2010. Corn seed traits saw the majority of sales, about $2.39 billion, while soybean seed made up about $615 million in sales and vegetable seed and traits accounted for $229 million.
"We came into this year with an operational plan built around creating value for our customers," said Hugh Grant, chairman, president and CEO for Monsanto. "It was a plan that was designed for balanced growth – across crops, across geographies and through a combination of mix and volume improvements. We exist to serve our farmer customers, and it is rewarding to see this plan is resonating with them. Given the tempo of the year, we are where we should be, and we have the right pieces and the right execution to feel very good that mid-teens earnings growth in 2011 is on track."
While Monsanto affirmed its previously announced ongoing EPS guidance for fiscal year 2011 (in the range of $2.72-$2.82), the company raised its free cash flow guidance to a range of $900 million to $1.1 billion.
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