Agricultural biotech giant Monsanto Co. (MON) is looking to keep up its recent momentum when it reports its quarterly results later this week. The earnings announcement, which will cover what the company considers its first fiscal quarter, is due out Thursday morning.
Bouncing back from a disappointing fourth-quarter release, optimism about improvement in Monsanto's prospects has been building for the last several months. The company is projected to return to profitability for its first quarter, which ended in November.
Specifically, the St. Louis-based Monsanto is expected to earn $0.02 per share in the most recent quarter after posting a loss of $0.02 per share in the same three-month period last year. Revenue is projected to rise nearly 6 percent to $1.8 billion. In the same period last year, the company recorded a top-line figure of $1.7 billion.
Monsanto is a leading agriculture company. It offers a range of corn, soybean, cotton, wheat, canola, sorghum and sugar cane seeds. The firm also produces the Roundup brand of weed control products.
In mid-day trading on Wednesday, shares of Monsanto are trading at $68.85. The stock had been above $86 in early 2010, but a long slide through the first half of the year brought it to a 52-week low near $44 in early July.
Shares of Monsanto have been rising steadily since hitting a multi-month low in early October. The stock touched its highest level in nearly nine months on Tuesday, briefly peeking above $70 before pulling back.
This will be the first earnings announcement for the company since the departure of its chief financial officer, Carl Casale. Pierre Courduroux took over the post, effective at the start of the year. He has been associated with the company since 1990 and has held various executive positions across finance and global operating businesses.
Monsanto announced Casale's departure in late November. He left to take the job of president and chief executive officer of grains and foods company CHS Inc. (CHSCP).
In its previous quarterly report, released on October 6, Monsanto reported a net loss for the fourth quarter that narrowed from last year, reflecting lower restructuring charges and higher revenues.
Specifically, the company revealed a fourth-quarter net loss of $143 million or $0.26 per share compared to a loss of $233 million or $0.43 per share in the year-ago period.
Loss from ongoing business for the quarter totaled $0.09 per share, compared with earnings from ongoing business of $0.02 per share in the prior-year period. Analysts had expected a loss of $0.06 per share.
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