Courtesy of Benzinga.
Shares of Monsanto Co (NYSE: MON) surged more than 6% in pre-market trading after the company reported upbeat fiscal third-quarter profit and lifted its full-year forecast. The company also announced a $10 billion share buyback program.
Monsanto’s quarterly net profit fell to $858 million, or $1.62 per share, from a year-ago profit of $909 million, or $1.68 per share.
Its sales rose to $4.250 billion from $4.248 billion. However, analysts were expecting earnings of $1.54 per share on sales of $4.385 billion.
Net sales in the Seeds and Genomics segment dropped to $3.0 billion, while net sales for the Agricultural Productivity segment rose to $1.210 billion.
Hugh Grant, chairman and chief executive officer said, “Through the third quarter, we’re on track for seeds and traits to drive a majority of our full year growth. That performance in a more challenging agricultural environment speaks to the breadth and customer value of our product portfolio.”
Monsanto lifted its full-year EPS and free cash flow forecast to the upper end of its earlier ranges. The company’s board also approved an additional $10 billion share repurchase program.
Monsanto shares climbed 6.17% to $128.07 in pre-market trading.
