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Shares of
Monsanto Company were trading lower by nearly 2 percent early Wednesday morning after the company reported its
second quarter results.
Monsanto said that it earned $2.41 per share in the second quarter on revenue of $4.532 billion. Wall Street analysts were expecting the company to earn $2.44 per share on revenue of $4.81 billion.
Net income for the quarter fell to $1.063 billion from $1.425 billion in the same quarter a year ago. The company cited glyphosate declines in the Agricultural Productivity segment, increased discounting in the United States in corn and soybeans, lower soybean volumes with the slower start to the U.S. season and expected lower acres, as well as higher corn cost of goods sold resulting from smaller production plans in the prior year.
"We continue to have a strong growth plan, backed by our commitment to delivering value to our customers through the industry's most-proven integrated pipeline," said Hugh Grant, chairman and chief executive officer. "Not only does this give us the confidence that we can deliver a baseline EPS CAGR in the mid-teens from the mid-point of our fiscal year 2016 guidance through fiscal year 2019, but it fuels our belief that we can continue to be the innovation engine for the industry and the partner of choice in leading agricultural solutions."
Looking forward to the full year fiscal 2016, Monsanto confirmed its fiscal 2016 ongoing earnings per share outlook of $4.40 to $5.10 per share versus Wall Street's expectations of $4.65 per share.Loading...
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