Agricultural products giant Monsanto Co. (MON) posted higher second-quarter net income attributable to the company of $1.48 billion, or $2.74 per share, compared with last year's $1.21 billion, or $2.24 per share. Quarterly ongoing earnings per share stood at $2.73, an increase from the prior-year figure of $2.28. On average, eighteen analysts polled by Thomson Reuters expected the company to earn $2.58 per share for the quarter. Analysts' estimates typically exclude special items.
The firm clocked net sales of $5.47 billion for the quarter, 15% higher than $4.75 billion a year back, and beat analysts' consensus estimate of $5.27 billion, with 16 percent sales growth from its global corn business.
In reporting second quarter earnings results, executives noted results were driven by contributions from across the company's business portfolio, including continued growth of its global corn business and positive performance of its agricultural productivity segment, according to the company.
Going forward, the company raised its annual ongoing earnings per share guidance to $4.40 - $4.50, from its earlier view of $4.30 - $4.40, as well as earnings forecast, on an as-reported basis, to $4.42 - $4.52 per share, from the prior view of $4.31 - $4.41, driven by the company's global business performance. Twenty-three analysts estimate earnings per share of $4.57 for the year.
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