December 9, 2009
ST. LOUIS (AP) — Monsanto Co., the world's largest seed company, on Tuesday reaffirmed its 2010 earnings guidance that suggests its profit could fall below Wall Street's average expectation.
The company also said it is on track to double 2007 gross profits by 2012.
Monsanto repeated that its 2010 earnings will be between $2.85 and $3.11 per share. Excluding nonrecurring items, it expects to earn between $3.10 per share and $3.30 per share.
The average estimate of analysts, who typically exclude special items in making their forecast, is for earnings of $3.29 per share, according to a survey by Thomson Reuters.
Monsanto CEO Hugh Grant said the company continues to expect a small loss in the first quarter in the range of 7 cents per share or better. Excluding items, he expects a loss of 5 cents per share or better. Analysts expect Monsanto to break even.
In prepared remarks, Grant planned to lay out Monsanto's operational path to reach its commitment to double 2007 gross profits by 2012.
The key elements driving this growth include the launch of Genuity SmartStax corn and Genuity Roundup Ready 2 Yield soybean products, as well as rapid trait penetration in Brazil and Argentina, the company said.
Shares of Monsanto fell 34 cents to $83.10 in midday trading.
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