Leading agriculture technology provider Monsanto Company announced it is increasing estimates for the company's third-quarter 2005 ongoing earnings per share (EPS) guidance on the strength of the performance from the company's seeds and traits business.
Driven by strong sales of biotech traits in the United States, increased corn seed sales, increased cotton trait revenues in India, and favorable timing of Roundup sales in the United States and Europe, Monsanto now expects ongoing EPS to be approximately $1.05 for the third quarter, or approximately $0.12 to $0.17 on an as-reported basis. The previous EPS expectation for the third quarter was roughly $1.00 per share on an ongoing basis, or in the range of $0.15 to $0.22 on an as-reported basis.
The updated as-reported EPS guidance reflects more precise estimates for in-process R&D write-offs associated with the Seminis and Emergent acquisitions, which now have been completed. (See reconciliation table with this news release.)
"Our seeds and traits business continues to generate positive momentum, and the results we've seen so far indicate that our core strategy is not only on track, but continues to outpace the expectations we had as our fiscal year began," said Hugh Grant, Monsanto's chairman, president and chief executive officer.
The company's full-year ongoing EPS guidance and guidance for free cash flow remain unchanged. Monsanto will report its complete third-quarter earnings Wednesday, June 29. ay, June 29.
Monsanto Company is a leading industry provider of technology-based solutions and agricultural products that improve farm efficiency and food quality. For more information on Monsanto, see www.monsanto.com.
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