Monsanto Trading Up on Increased Guidance

Shares of seed maker Monsanto

are off to a strong start on Wednesday morning after the company raised its third-quarter and fiscal year 2012 forecast on strong seed sales. For Q3, Monsanto now sees adjusted earnings per share in a range between $1.57 to $1.62 which compares to current Q3 EPS consensus estimates of $1.29. For fiscal 2012, the company is now projecting that it will earn between $3.65 and $3.70 per share, compared to its previous guidance of $3.49 to $3.54 per share. Currently, Wall Street analysts estimate that the company will report EPS of $3.56 for the fiscal year. In April, Monsanto raised its full-year earnings guidance after reporting strong second-quarter results. Today's revision comes on top of the previously raised forecast. Speaking at an investment conference in New York, company CEO Hugh Grant said "Looking beyond this year, we feel very good that the fundamentals driving 2012 carry into next year as well, and we have the strategic growth drivers in place to support continued growth in 2013." During Wednesday's trading session, MON shares are trading up 3.26% to $77.18 on heavier than usual volume.