Monsanto Co increased its fiscal 2007 earnings outlook on Friday due to strong results from the corn planting season in the United States and its herbicide business, sending its shares up 6 percent. The company said it expects fiscal 2007 ongoing earnings of $1.75 to $1.80 per share, versus a prior outlook of $1.60 to $1.65 per share.
Analysts, on average, looked for fiscal 2007 earnings of $1.69 a share, according to Reuters Estimates. The St. Louis-based company said its full-year guidance excludes the nonrecurring effect of the expected Stoneville and NexGen divestitures. Monsanto also said third-quarter results were expected to be about $1 per share on an ongoing and reported basis. Analysts, on average, have expected third-quarter earnings of 75 cents a share.
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