Monsanto Beats on Earnings, Disappoints on Sales
Net sales decreased 6% to $2.96 billion, and was below analyst estimates of $3.17 billion. Operating expenses were flat overall, with a slight decrease for selling, general and administrative (SG&A) expenses for the three month comparison.
Monsanto affirmed its cash flow and earnings guidance and provided preliminary financial guidance for fiscal year 2011. The company expects fiscal-year 2010 earnings per share to be in the range of $2.40 to $2.60 on an ongoing basis. Analysts estimates for fiscal year earnings are $2.51, according to flyonthewall.
Shares dropped 0.7% in premarket trading.