Tuesday, July 29th19.8°C
21450
22372

An expanded global footprint propels Monsanto past Wall Street's hopes for the second quarter

ST. LOUIS - Monsanto's second-quarter earnings jumped 13 per cent on strength from its core seeds and traits business.

The agriculture products company topped Wall Street expectations for both profit and revenue, sending shares higher Wednesday.

Monsanto earned $1.67 billion, or $3.15 per share, 7 cents better than what analysts polled by FactSet had projected. A year ago, the company earned $1.48 billion, or $2.73 per share.

The performance was particularly strong, given the slow start to a quarter in which winter storms delayed shipments.

Chairman and CEO Hugh Grant said that almost 80 per cent of Monsanto's quarterly growth came from its core seeds and traits business.

Revenue climbed 7 per cent to $5.83 billion, just edging out Wall Street projections.

The expansion of the company's global corn and soybean businesses drove sales throughout the most recent quarter.

Monsanto Co. has dominated the bioengineered-seed business for years and recently began expanding its footprint in emerging markets like Argentina, Brazil and parts of Asia.

While the vast majority of Monsanto's business comes from genetically enhanced seeds and herbicide, the company is also making investments in computerized tools for the agricultural sector.

Last quarter the company announced a new agreement with U.S agricultural distributor WinField to explore collaborations on agriculture-based information technology. And in October, it spent $930 million to acquire the Climate Corp., a Silicon Valley startup that uses weather forecasting and data analysis to increase harvest yields.

The St. Louis company reaffirmed its 2014 forecast for earnings of $5 to $5.20 per share. Wall Street is looking for $5.24 per share.

Shares of Monsanto added 86 cents to reach $114.42 Wednesday.

The Canadian Press


Read more Business News

22439


Recent Trending




Today's Market
S&P TSX15445.22-9.82
S&P CDNX1019.852.41
DJIA16982.5922.02
Nasdaq4444.909-4.655
S&P 5001978.91+0.57
CDN Dollar0.9251-0.0009
Gold1310.00+6.70
Oil101.61-0.06
Lumber321.20-1.80
Natural Gas3.74-0.007

 
Okanagan Companies
Pacific Safety0.195+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.150.00
Cantex0.065-0.005
Anavex Life Sciences0.265-0.01
Metalex Ventures0.08+0.01
Russel Metals35.15-0.21
Copper Mountain Mining2.97+0.15
Colorado Resources0.225+0.015
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.02-0.03
Mission Ready Services0.19+0.01

 





FEATURED Property
1889943215 Poonian St
4 bedrooms 3 baths
$469,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Take charge of your debt

Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...

_








Member of BC Press Council


22707