Shares of Monsanto Company (NYSE: MON), a provider of agricultural products for farmers, edged higher in trading today after the company reported its first-quarter financial results. The company also raised its guidance for the full year.
Monsanto said that the first-quarter results reflect the strength and growth of its business. For the quarter, MON reported net sales of $2.9 billion, representing an increase of 21% over the same period in the previous year. The company’s net sales saw significant contribution from the corn seed and traits business.
MON’s gross profit for the quarter was $1.4 billion, representing an increase of 27% over the same period in the previous year. The company’s earnings on an ongoing basis were $0.62 per share, while on a reported basis they were $0.63 per share.
Hugh Grant, Chairman and CEO of Monsanto, said that the company has achieved a successful start to the year, with contributions from multiple areas that speaks to the strength of its global business and provides confidence in the company’s ability to realize a third consecutive year of significant growth. Grant said that through continued innovation in integrated yield pipeline, the company remains committed to delivering cutting-edge solutions that will bring additional value to customers.
Following the strong first-quarter financial results, the St. Louis, Missouri-based company raised its outlook for the full year. On an ongoing basis, the company now expects full-year earnings to be between $4.30 per share and $4.40 per share. On a reported basis, full-year earnings are expected to be between $4.31 per share and $4.41 per share.
Monsanto shares rose to a 52-week high of $99.99 in trading today before paring some of its gains. At last check, the stock was trading 2.49% higher at $98.33 on above average volume of 6.37 million.
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