Friday, August 22nd14.2°C
21790
22501

Monsanto profit falls in 3Q but beats estimates, raises full-year outlook, plans big buyback

WASHINGTON - Monsanto said its earnings fell more than 5 per cent in the third fiscal quarter on lower sales of biotech seeds, but its performance still topped Wall Street estimates and the company raised its 2014 outlook. It also announced plans to repurchase $10 billion in shares.

The combination sent shares up more than 5 per cent in premarket trading.

The company raised the low end of its 2014 forecast to between $5.10 and $5.20 per share. Previously the company's estimate was for earnings of $5 to $5.20 per share.

Monsanto Co. said the $10 billion share buyback will take place over the next two years. The company has about $1.1 billion remaining under its previous share buyback plan.

The St. Louis company said it earned $858 million, or $1.62 per share in the three months ended May 31. That was down from $909 million, or $1.68 per share, a year ago. Revenue was virtually flat at $4.25 billion

Analysts polled by FactSet expected Monsanto to report earnings of $1.54 per share on revenue of $4.39 billion for the quarter.

The company reported a 16 per cent decline in sales of genetically-engineered corn seeds, its bestselling product. Farmers in the U.S. and abroad have been switching from corn to more profitable soybeans.

The Canadian Press


Read more Business News

22719


Recent Trending




Today's Market
S&P TSX15535.55-19.71
S&P CDNX1005.583.38
DJIA17001.22-38.27
Nasdaq4538.551+6.446
S&P 5001988.40-3.97
CDN Dollar0.9137-0.0003
Gold1279.90+6.2001
Oil96.30+1.82
Lumber352.80-2.80
Natural Gas3.88-0.009

 
Okanagan Companies
Pacific Safety0.18-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.20-0.01
Cantex0.065-0.005
Anavex Life Sciences0.265+0.005
Metalex Ventures0.08+0.005
Russel Metals36.78-0.81
Copper Mountain Mining2.99+0.11
Colorado Resources0.17-0.015
ReliaBrand Inc0.115+0.02
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.26+0.045

 



22439

FEATURED Property
204903412000 Hwy 33E
10085046 bedrooms
$749,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


What is a journey without a destination?

Photo: ContributedI would call it a joy ride... You see a planned project or business has a destination. It may be an ongoing revenue stream, it may be a business value or an exit strategy. If you don...


Joint accounts: what you need to know!

Establishing a joint account may seem like a great strategy at first glance. However, there are many factors that must be considered before taking this action. This article will explore the use of &ls...


Cost of an Injury Lawyer

Let’s face it; nobody wants to pay for legal services if they do not have to, but if you have been injured in an accident you may have thought about hiring a lawyer to help you navigate your cla...

_



22885

22885


Member of BC Press Council


22885