EmailMonsanto (MON $77.00 +2.35) issued upside guidance for the third quarter with EPS of $1.57-1.62, excluding non-recurring items, vs. $1.29 Capital IQ Consensus. The company issued upside guidance for fiscal year 2012 with raised EPS to $3.65-3.70, excluding non-recurring items, from $3.49-3.54 versus the $3.56 consensus. The company sees fiscal year 2012 of $1.7-1.8 billion (high end of previous range). CEO Grant also indicated Monsanto expects continued growth in 2013 after greater than 20 percent ongoing earnings growth achieved in 2011 and expected for 2012, with mid-teens ongoing earnings growth for FY13 projected from the higher base of $3.65 to $3.70 announced today.
"With continued strong sales in the third quarter, the performance we saw in the early part of the year has proven to be a powerful signal of even better results from some key businesses. Now that we have a more complete view on the greater planted acres from the United States and Europe, it is clear our performance reflects an even greater component of business strength and momentum versus timing of a historically early selling and planting season. The culmination of strong selling seasons in both the Southern and Northern hemispheres highlighted the continued business performance and upside from key areas in the company's seed-and-traits business, complemented by better-than-expected sales across Monsanto's chemistry portfolio including its Roundup, selective herbicides and lawn-and-garden businesses."
