Monsanto raises e.p.s. for fiscal 2007
September 17, 2007
by Editorial Staff
ST. LOUIS — Monsanto Co. on Monday revised its earnings guidance for fiscal 2007, raising its e.p.s. to approximately $2 per share, up from its previous estimate of $1.75 to $1.80 a share.
The company cited several factors behind the better-than-expected results, including the cash effect associated with its $1.5 billion acquisition of Delta and Pine Land Co.; strong early sales of corn seeds in Brazil and Argentina; and higher pricing for its Roundup agricultural herbicides business.
"By all measures, Monsanto has achieved extraordinary performance across our business in what was an extraordinary year for agriculture," said Hugh Grant, chairman, president and chief executive officer. "Our performance this year serves as a springboard for our future success, setting us up for expanded growth opportunities not just for 2008, but through the turn of the decade."