Agricultural chemicals company boosts earnings guidance for the year.
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| Monsanto Co. earnings increase in third quarter. |
ST. LOUIS (AP) -- Monsanto Co.'s fiscal third-quarter profit soared 42% on a strong performance by Roundup herbicide and by its seeds and traits business. The company also boosted its earnings guidance for the year.
The St. Louis-based company said Wednesday that it earned $811 million, or $1.45 per share, in the three months ended May 31, up from earnings of $570 million, or $1.02 per share, in the same period a year ago.
Sales rose $265 billion to $3.59 billion, up from $2.84 billion.
Analysts polled by Thomson Financial projected earnings of $1.34 per share on $3.71 billion in revenue.
Monsanto (MON, Fortune 500) raised its full-year guidance. The company now expects a profit of $3.40 per share excluding discontinued operations and one-time charges, and $3.63 per share overall. The company previously projected overall full-year earnings of $3.38 to $3.48.
Its shares slipped 18 cents to $135.61 in premarket trading. They are still near the high end of their 52-week range of $58.50 to $145.80.
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