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Monsanto: Solid results for the third quarter

Monsanto Company delivered solid results for the third quarter of fiscal year 2014 and raised its guidance to the upper end of its previously announced ranges for fiscal year 2014.

6/25/2014

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Monsanto Company (NYSE: MON) delivered solid results for the third quarter of fiscal year 2014 and raised its guidance to the upper end of its previously announced ranges for fiscal year 2014. The company announced a target to at least double full year ongoing EPS by the end of fiscal year 2019 based on its core business and the transformational potential of its new platforms. With the company's updated long term outlook, Monsanto also announced a new $10 billion share repurchase authorization.

For the third quarter, Monsanto reported ongoing and as-reported EPS of $1.62. Despite greater headwinds across the industry, the company today raised its full year outlook to the upper end of its previous guidance ranges for both ongoing EPS and free cash flow, with ongoing EPS guidance of $5.10 to $5.20 and as-reported EPS guidance of $5.12 to $5.22. (For a reconciliation of ongoing EPS see note 1).

"Through the third quarter, we're on track for seeds and traits to drive a majority of our full year growth. That performance in a more challenging agricultural environment speaks to the breadth and customer value of our product portfolio," said Hugh Grant, chairman and chief executive officer. "Coupled with an expanding portfolio of solutions for farmers, this provides confidence to target at least doubling our ongoing earnings per share over the next five years and evolve our capital allocation priorities; including an additional $10 billion share repurchase authorization that further enhances Monsanto's ability to return value to our shareowners."