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Monsanto beats by $0.22, beats on revs; reaffirms guidance FY17 EPS in-line; MON is being acquired by Bayer
- Reports Q1 (Nov) earnings of $0.21 per share, driven by strength in the company's South American business, $0.22 better than the Capital IQ Consensus of ($0.01); revenues rose 19.4% year/year to $2.65 bln vs the $2.3 bln Capital IQ Consensus
- Co reaffirms guidance for FY17 (Aug), sees EPS of 4.50-4.90 vs. $4.72 Capital IQ Consensus Estimate
- Net sales for the Seeds and Genomics segment in the first three months of fiscal 2017 were $1.8 billion. This included a greater than 25 percent increase in planted corn acres in Argentina and more than a 10% increase in corn acres planted in Brazil accompanied by double-digit price increases in corn germplasm in local currency in both countries
- In the U.S., demand for year-one hybrids remains strong and the early read on the order book supports the company's intention to grow genetic share. The company continues to build on the momentum of Intacta RR2 PRO soybeans in South America as it remains on track to reach a target of 45 to 55 million acres in fiscal year 2017
- In the U.S., demand for Roundup Ready 2 Xtend soybeans remains strong and the company is well-supplied for more than 15 million acres of the product. With the EPA approval for in-crop use of dicamba in-hand, the company has received nearly two-thirds of the necessary state approvals for both soybeans and cotton, and expects to have the rest before planting
- The company has provided extensive, ongoing customer training and expects customers will have an outstanding experience with the Roundup Ready Xtend crop system. Cotton had a strong start in the first quarter with increased acres in Australia