Monsanto Company (NYSE: MON) today reported financial results for its third quarter. The company reported third-quarter net sales of $2.962 billion, down from $3.161 billion reported for the same period last year.
Monsanto reported net income of $384 million in the third quarter, down from $694 million reported for the same period last year. The corn seed and traits segment reported third-quarter sales of $1.020 billion, while the soybean seed and traits segment reported net sales of $549 million. The company’s operating expenses in the third-quarter stood at $828 million, up from $799 million reported for the same period last year.
Commenting on the third-quarter financial results, Hugh Grant, chairman, president and CEO of Monsanto, said that the company has made changes to its portfolio and business approach and it is already getting some positive feedback from its customers. Grant said the company has shown agility in the face of adversity, enhancing its portfolio and equipping its sales team with an unprecedented amount of product choice and price points to offer to its customers.
For the fiscal year 2010, Monsanto expects free cash flow to be in the range of $400-$500 million. EPS for fiscal year 2010 are expected to be in the range of $2.40-$2.60 on an ongoing basis and $2.15-$2.41 on an as-reported basis.
Shares of Monsanto had closed 2.37% lower at $46.22 in Wednesday’s trading. Shares are active in pre-market trading today, up 0.67% to $46.53.
The stock has a 52-week range of $45.30-$87.28. It touched its 52-week low in Wednesday’s trading. The stock is currently trading below its 50-day and 200-day moving averages of $54.58 and $70.44, respectively. The stock has seen support at $45.07 and has met with resistance at $50.34. The Monsanto stock has a consensus recommendation of Hold.
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