NEW YORK (TheStreet) -- Monsanto (MON), the agricultural products company, posted fiscal first-quarter earnings that topped analysts' estimates and said it would hit the high end of its fiscal 2012 guidance.
Monsanto earned 23 cents a share, beating analysts' estimates of 16 cents. Net sales increased 33% to $2.4 billion, with a driver being sales of Latin American corn. Gross profit rose 33% to $1.1 billion.
The St. Louis, Missouri-based company affirmed its fiscal 2012 free cash flow guidance of between $1.3 billion and $1.5 billion. It said earnings would be at the high end of its narrowed estimate of between $3.39 and $3.44 a share. The company's previous earnings per share guidance was between $3.34 and $3.44.
Its corn seed and traits posted a net sales increase of 46%. Cotton seed and trait net sales rose 73% to $194 million.Shares of Monsanto rose nearly 2% in premarket trading Thursday to $74.05. -- Written by Alexandra Zendrian
>To contact the writer of this article, click here: Alexandra Zendrian >To submit a news tip, send an email to: email@example.com. >To follow the writer on Twitter, go to Alexandra Zendrian.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV