Agricultural products maker Monsanto Company (MON) on Wednesday posted sharp uptick in fiscal third quarter earnings, helped by a mild winter that spurred higher demand for its seeds.
The St. Louis-based company reported fiscal third quarter net income of $937 million, or $1.74 per share, compared with $692 million, or $1.28 per share, in the year-ago period. Excluding one-time items, adjusted profit was $1.63 per share.
Revenue rose 17% from last year to $4.22 billion.
On average, Wall Street analysts expected a smaller profit of $1.55 per share, on lower revenue of $3.97 billion.
Looking ahead, MON reiterated its previously-announced full-year 2012 earnings outlook of $3.65 to $3.70 per share.
Monsanto shares rose 83 cents, or +1.1%, in premarket trading Wednesday.
The Bottom Line
Shares of Monsanto (MON) have a 1.54% dividend yield, based on last night’s closing stock price of $77.87. The stock has technical support in the $70-$75 price area. If the shares can firm up, we see overhead resistance around the $80-$82 price levels.
Monsanto Company (MON) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.