Before the bell on Wednesday, agricultural products maker Monsanto Company (MON) reported a 22% rise in profit in the second quarter, helped by a substantial rise in sales. Adjusted net income and revenue topped analysts’ expectations.
The St. Louis-based company posted a second quarter net income of $1.48 billion, or $2.74 per share, up 22% from last year’s $1.21 billion, or $2.24 per share.
Adjusted earnings per share came in at $2.73 versus $2.28 a year ago. According to analysts polled by Thomson Reuters, this topped the expectation of Monsanto earning $2.58 per share.
The company’s quarterly net sales came in at $5.47 billion, up 15% from $4.75 billion a year ago. This beat the analyst view of $5.27 billion. The company’s sales were aided by a 16% growth in its corn business.
Monsanto CEO Hugh Grant said, “Our commitment to serving our farmer customers around the world is at the core of everything we do. By understanding their needs and finding new ways to work with them to meet growing demand, we’ve achieved momentum in our business and strong results across our global portfolio.”
Looking ahead, Monsanto boosted its fiscal 2013 adjusted earnings estimates from $4.30-$4.40 per share to $4.40-$4.50 per share. Analysts expect the company to earn $4.57 per share for the year.
Monsanto shares were up 75 cents, or +0.72%, during pre-market trading on Wednesday. The stock is up +9.88% year-to-date.
The Bottom Line
Shares of Monsanto (MON) have a dividend yield of 1.44% based on last night’s closing price of $104.00 and the company’s annualized dividend payout of $1.50 per share.
Monsanto Company (MON) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.