Monsanto Co. (NYSE: MON) reported Wednesday that its fiscal second-quarter earnings climbed to about $1 billion, or $1.88 a share, from $887 million, or $1.60 a share, in the year-earlier quarter. On an adjusted basis, the company earned $1.87 a share in the latest quarter. Revenue increased to $4.13 billion from $3.89 billion. Analysts, on average, expected the company to report earnings of $1.85 per share on revenue of $4.15 billion.
Monsanto also affirmed its fiscal 2011 adjusted-earnings forecast in the range of $2.72 to $2.82 a share. EPS guidance on an as-reported basis is in the range of $2.66 to $2.79. The company raised its full-year free cash flow guidance for fiscal year 2011 to the range of $900 million to $1.1 billion.
"We came into this year with an operational plan built around creating value for our customers," said Hugh Grant, chairman, president and chief executive officer for Monsanto. "It was a plan that was designed for balanced growth - across crops, across geographies and through a combination of mix and volume improvements. We exist to serve our farmer customers, and it is rewarding to see this plan is resonating with them. Given the tempo of the year, we are where we should be, and we have the right pieces and the right execution to feel very good that mid-teens earnings growth in 2011 is on track."
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