Monsanto Q1 Results Top Consensus; Backs FY14 Ongoing EPS View - Quick Facts

(RTTNews) - Agricultural products giant Monsanto Co. (MON) posted higher first-quarter net income attributable to company of $368 million, or $0.69 a share, compared with $339 million, or $0.63 a share, last year. Earnings per share from ongoing business amounted to $0.67 in the latest period. On average, 22 analysts polled by Thomson Reuters expected earnings per share of $0.64 for the quarter. Analysts' estimates typically exclude one-time items.

The firm clocked net sales of $3.14 billion in the quarter, an increase from the prior-year figure of $2.94 billion, and came in above consensus estimate of $3.07 billion.

Looking ahead, the company reaffirmed its fiscal 2014 ongoing earnings guidance of $5.00 - $5.20 per share, whereas 25 analysts project annual earnings of $5.25 per share. Full-year 2014 earnings guidance on an as-reported basis is expected in the range of $5.02 - $5.22 per share.

For fiscal 2014, Monsanto continues to expect strong operational growth from its core business, reflected in mid-to-high teens growth in EBITDA.

Further, the company previewed a strong U.S. order book and noted that it is on track to deliver its largest soybean launch with an expected 3.0 million acres of Intacta RR2 PRO. The firm also highlighted a record 29 phase advancements across its research and development platforms, including breeding, biotechnology, and new breakthrough areas like Integrated Farming Systems and agricultural biologicals.