RSS
Twitter
Linked In
News In
News
Linked In
RSS
https://twitter.com/Agrimoney
http://www.newsnow.co.uk/h/Industry+Sectors/Agriculture

You are viewing 1 of your 2 complimentary articles.

Register now to receive full access.

Already registered?

Login | Join us now

Monsanto raises earnings forecast - again

Twitter Linkedin

Shares in Monsanto soared nearly 8% after the seed biotechnology company raised its 2008 earnings forecast for the sixth time this year.

Monsanto increased its guidance for earnings per share for its 2008 fiscal year, which ran until the end of August, to $3.58-$3.60 per share. The estimate compared with the company's last guidance of $3.37 per share and investor expectations of $3.45 a share, according to a poll of analysts by Thomson Reuters.

Monsanto shares closed up 7.6% at $112.97 in New York, after touching $113.98 earlier.

The earnings increase reflected higher sales of seeds and weed killers including Round-up, Monsanto said. Gross profits at the US-based group's seeds and genomic division, the bigger of its two units, would reach $3.8bn, $100m more than previously forecast. Gross profits in corn alone would top $2bn for the first time.

"The fundamentals of agriculture and our businesses are strong and getting stronger," Terry Crews, the group's chief financial officer, said.

Monsanto viewed its improved fortunes as a spur to foreign growth, he added.

"We intend to continue to grow the footprint of our branded seeds and traits businesses globally," Crews said.

By Mike Verdin

Twitter Linkedin
Related Stories

Evening markets: South American double whammy brings ags back down to earth

Ags lose early gains, undermined by a tumble in Brazil’s real, and falling rain in Argentina. Still, wheat futures remain in positive territory

Can cotton prices extend their rally?

History suggests futures will not stay long in the 70s cents a pound. So which way will they trend?

Morning markets: Hard wheat regains premium over soft, amid US dryness worries

Kansas City wheat outperforms, as Plains precipitation worries extend to a dearth of snow cover. But Kuala Lumpur palm oil hits a 16-month low

Evening markets: Ags gain, as funds begin to get that year-end festive mood

Ag prices recover, helped by the likes of more positive comment on US export competitiveness, and some more negative talk on Argentine rains
Home | About | RSS | Commodities | Companies | Markets | Legal disclaimer | Privacy policy | Contact

Our Brands: Comtell | Feedinfo | FGInsight

© Agrimoney.com 2017

Agrimoney.com and Agrimoney are trademarks of Agrimoney Ltd
Agrimoney is part of the Briefing Media group
Agrimoney Ltd is registered in England & Wales. Registered number: 09239069