Friday, March 27th16.7°C
25657
24285

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

25718


Recent Trending




Today's Market
S&P TSX14812.42-57.38
S&P CDNX681.43+1.87
DJIA17712.66+34.43
Nasdaq4891.22+27.86
S&P 5002061.02+4.87
CDN Dollar0.7928-0.0082
Gold1196.30-8.80
Oil48.43-3.00
Lumber282.40-3.60
Natural Gas2.62-0.05

 
Okanagan Companies
Pacific Safety0.125-0.005
Knighthawk0.010.00
QHR Technologies Inc1.50+0.00
Cantex0.03-0.01
Anavex Life Sciences0.219+0.009
Metalex Ventures0.04-0.01
Russel Metals24.50-0.18
Copper Mountain Mining1.13+0.00
Colorado Resources0.125+0.010
ReliaBrand Inc0.006-0.001
Sunrise Resources Ltd0.045+0.000
Mission Ready Services0.255+0.020
Decisive Dividend Corporation1.80+0.02

 





FEATURED Property
2103699#119, 4450 Gordon Drive
$597,870
more details
image2image2image2
Click here to feature your property
Please wait... loading


CRA Notice of Assessment

Many Canadians rush to file their taxes on time each year and don’t think about it until the next year. One of the most overlooked notices received from the CRA annually is the annual Notice of ...


Medical confidential?

If ICBC asks your doctor for your information you may wonder: Can ICBC ask my doctor for my medical information? Can ICBC request a medical report from my doctor without my consent? What is ICBC entit...


Stay out of sales limbo!

Have you ever had a series of good meetings with a prospect … gathered all kinds of information … and given what you thought was a great presentation … only to receive a response ...

_








Member of BC Press Council


24843