Monsanto Co.'s (NYSE: MON - News) second-quarter earnings topped the consensus estimate as the world's leading seed company reported record net sales of $4 billion.
Monsanto's earnings, excluding items, stood at $2.16 a share, beating analysts' estimate of $2.09. However, in the year-ago quarter, the company earned a profit of $1.79.
The company reaffirmed its full-year 2009 estimate for earnings of $4.40 to $4.50 a share while the average forecast is pegged at $4.69 per share.
Monsanto is 'on track for more than 20% growth in earnings for the full fiscal year,' said CEO Hugh Grant in the report.
Shares of MON, a Zacks #2 Rank ('Buy') company, dipped more than 3% in the morning trade..zacks.com
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