Monsanto Co. (MON) said its third quarter net income attributable to Monsanto Co. rose to $937 million or $1.74 per share from last year's $692 million or $1.28 per share.
Earnings per share from ongoing businesses was up to $1.63 from $1.28 in the same quarter a year earlier. On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $1.60 per share. Analysts' estimates typically exclude special items.
Net sales increased 17 percent to $4.22 billion from a year ago, driven by unit volume growth in the company's seeds and traits business, complemented by better-than-expected sales across Monsanto's chemistry portfolio. Analysts expected revenues of $4.00 billion.
The company confirmed 2012 earnings per share guidance in the range of $3.65 to $3.70 on an ongoing basis, with mid-teens ongoing earnings growth for fiscal year 2013 projected from the base of $3.65 to $3.70. The company still expects 2012 earnings per share on an as-reported basis to be $3.73 to $3.78. Analysts expect the company to earn $3.70 per share for the year.
Monsanto also reaffirmed its previously announced full-year free cash flow guidance for fiscal year 2012 in the range of $1.7 billion to $1.8 billion.
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