Monsanto Co. (MON) gained nearly 18% on Wedenesday, after the world's largest seed maker doubled its quarterly profit and boosted its full-year guidance, aided by rising demand of weed killers in Brazil and strong sales trends for corn seeds in the new planting season.?
The company's third-quarter results included earnings of?$556 million, or $1 per share, compared with $256 million, or 46 cents per share, a year ago. Excluding gains from discontinued operations, profit was 98 cents per share. The results include a tax gain of 8 cents per share. Even then, Monsanto comfortably exceeded the consensus estimate of 60 cents per share.
The company now expects to earn between $4.40 and $4.50 per share in fiscal 2009, up from its prior forecast of $4.20 and $4.40. As investors rejoiced the superior performance and better outlook, Monsanto traded up as high as $86 at noon on the New York Stock Exchange. ..zacks.com
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