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Monsanto Profit Tops Estimates on Gene-Modified Seeds

 
More Doom
User ID: 709121
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06/24/2009 11:43 AM
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Monsanto Profit Tops Estimates on Gene-Modified Seeds
June 24 (Bloomberg) -- Monsanto Co., the world’s biggest seed producer, reported third-quarter earnings that topped analysts’ estimates as gains in genetically modified crops more than made up for declining sales of Roundup weed killer.

Net income in the three months through May fell 14 percent to $694 million, or $1.25 a share, from $811 million, or $1.45, a year earlier, St. Louis-based Monsanto said today in a statement. Per-share profit beat the $1.18 average estimate of 12 analysts surveyed by Bloomberg. Sales declined 11 percent to $3.16 billion.

Chief Executive Officer Hugh Grant is cutting 900 jobs while boosting sales of corn and soybean seeds to meet 2009 earnings targets after Roundup sales declined sooner than the company expected. Grant last month slashed projections for Roundup profit because of increased output from competitors producing generic forms of the glyphosate-based herbicide.

“Soybeans were quite a bit better than we expected,” helping the seed business exceed projections by 22 cents a share, Laurence Alexander, a New York-based analyst at Jefferies & Co., said in a telephone interview. Alexander rates the shares “buy.”

Monsanto rose $1.02, or 1.3 percent, to $80.32 at 9:02 a.m. in trading before the open of the New York Stock Exchange. The shares gained 13 percent this year through yesterday.

Forecast Repeated

The company repeated its May 27 forecast that full-year profit, excluding costs for restructuring and other items, will be at the low end of a range of $4.40 to $4.50 a share. The average estimate of 14 analysts surveyed by Bloomberg was for profit of $4.39 a share in the year ending Aug. 31.

The company will shed 3.8 percent of workers globally, incurring a fourth-quarter restructuring expense of $350 million to $400 million, or 41 cents to 47 cents a share. The job cuts reflect Monsanto’s transformation from a chemical company to biotech seed producer, the CEO said.

“This is designed to bring more clarity and predictability to our Roundup business and greater focus to our growing seeds and traits business,” Grant said in the statement.

Monsanto “remains committed” to more than doubling gross profit from 2007 to 2012, Grant said in the statement.

Gross profit from seeds, including genetics licensed to competitors, gained 17 percent in the quarter to $1.43 billion, Monsanto said. Profit and sales climbed in units that make corn, soybean, cotton and vegetable seeds.

Gross profit from Roundup fell 54 percent to $273 million from the year-earlier quarter, contributing to a 46 percent profit decline in the crop-chemical segment.

To contact the reporter on this story: Jack Kaskey in New York at jkaskey@bloomberg.net.
Last Updated: June 24, 2009 09:14 EDT

[link to www.bloomberg.com]
noKnothing~

User ID: 631297
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06/24/2009 11:43 AM
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Re: Monsanto Profit Tops Estimates on Gene-Modified Seeds
Fucking evil bastards. Wipe them off the face of the planet, and the ass, please.
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Anonymous Coward (OP)
User ID: 709121
United States
06/24/2009 01:11 PM
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Re: Monsanto Profit Tops Estimates on Gene-Modified Seeds
Couldn't agree more!

bump
bed
Netizen Ribbonmind

User ID: 646022
United States
06/24/2009 01:13 PM

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Re: Monsanto Profit Tops Estimates on Gene-Modified Seeds
Fucking evil bastards. Wipe them off the face of the planet, and the ass, please.
 Quoting: noKnothing~



well said! macgun monsanto
"The earth is mother of us all, for she is just; but you, because you are unjust have pretended that she is your mother alone; and if you do not stop, I will not permit you to remain upon her."

[link to www.livius.org]

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