Pro Farmer Editors
Greater demand in Latin America for Monsanto Company's products propelled the company to record-setting net sales and net income results for its fiscal 2009 first quarter, which ended Nov. 30, 2008, says the company in an official statement today. Monsanto announced it is raising full-year earnings-per-share (EPS) guidance from a range of $4.20 to $4.40 to a range of $4.40 to $4.50 on an ongoing basis.
The company reported net sales of $2.6 billion for the first quarter of fiscal 2009, a 29 percent increase compared to the first quarter of fiscal 2008. Strong demand in Brazil for Roundup and other glyphosate-based herbicides led the increase in Monsanto's first-quarter sales, followed by higher corn seed and trait sales in the United States and Brazil, and higher sales growth in soybean seeds and traits in the United States from strong early-season deliveries, they report.
Monsanto recorded net income of $556 million for the first quarter of fiscal 2009, a 117 percent increase compared with net income of $256 million for the same period last year. Earnings per share (EPS) for the quarter were $1.00 on an as-reported basis and $0.98 on an ongoing basis, compared to year-ago EPS of $0.46 on an as-reported basis and $0.45 on an ongoing basis. The quarter's results included $44 million, or $0.08 per share, in discrete tax items.
The first quarter of Monsanto's fiscal year typically and primarily reflects the impact of its Latin American businesses, they report. The second and third quarters are expected to be the primary drivers for the company's full-year results, as they largely reflect both the relative size of the company's U.S. business and the importance of its seeds-and-traits business to Monsanto's earnings.
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