Monsanto Co. (MON) Tuesday raised its fiscal 2008earnings guidance to $3.15 to $3.25 a share from its previously-issued view of$2.70 to $2.80 a share. For the second quarter, the company forecast earnings of $1.75 a share. The mean estimate of analysts polled by Thomson Financial is for 2008earnings of $2.87 a share and second-quarter earnings of $1.35 a share.
Monsanto expects as-reported earnings of $3.38 to $3.48 a share, including a22 cent settlement gain, for 2008 and as-reported earnings of $1.98 a share,including a 23 cent settlement gain, for the second quarter.
In addition, Monsanto said it now expects free cash flow of about $1.4billion for 2008, up from its prior guidance of $900 million to $1 billion. Thecompany expects net cash provided by operating activities of $2.45 billion, andnet cash required by investing activities of about $1.05 billion for 2008.
"Leading corn market share positions, accelerated biotechnology traitpenetration and new value generated by Roundup and other glyphosate-basedherbicides have led Monsanto Company to well exceed its expectations forsecond-quarter results and to raise its full-year guidance for ongoingearnings-per-share and free cash flow," the company said.
Ag stocks are flying premarket as a result......
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