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With Solid First-Quarter Results, Monsanto Confirms Full Year Guidance With Global Business On Track To Deliver Mid-to-High Teens Operational Growth

Monsanto Company (NYSE: MON) delivered on track results for the first quarter of its fiscal year as the company reaffirmed its earnings growth and free cash flow guidance for fiscal year 2014. The company previewed a strong U.S. order book and noted that it is on track to deliver its largest soybean launch with an expected three million acres of Intacta RR2 PRO . The company also highlighted a record 29 phase advancements across its research and development (R&D) platforms, including breeding, biotechnology, and new breakthrough areas such as Integrated Farming Systems ® and agricultural biologicals.
       
    First Quarter
($ in millions)     2014     2013
Net Sales by Segment    
Corn seed and traits $ 1,054 $ 1,139
Soybean seed and traits 267 231
Cotton seed and traits 137 185
Vegetable seeds 157 156
All other crops seeds and traits 61       44  
TOTAL Seeds and Genomics $ 1,676 $ 1,755
 
Agricultural productivity $ 1,467       $ 1,184  
TOTAL Agricultural Productivity $ 1,467 $ 1,184
             
TOTAL Net Sales     $ 3,143       $ 2,939  
             
Gross Profit     $ 1,563       $ 1,397  
             
Operating Expenses     $ 998       $ 888  
Interest Expense – Net $ 29 $ 28
Other Expense – Net     $ 20       $ 17  
Net Income Attributable to Monsanto Company     $ 368       $ 339  
             
Diluted Earnings per Share (See note 1.)     $ 0.69       $ 0.63  
Item Affecting Comparability – EPS Impact
Income from discontinued operations     (0.02 )     (0.01 )
Diluted Earnings per Share from Ongoing Business (For the definition of ongoing EPS, see note 1.)     $ 0.67       $ 0.62  
Effective Tax Rate     29 %     26 %
         
      First Quarter
Comparison as a Percent of Net Sales:     2014     2013
Gross profit 50%     48%
Selling, general and administrative expenses 19% 18%
Research and development expenses 13% 12%
Income from continuing operations before income taxes 16% 16%
  Net income attributable to Monsanto Company     12%     12%

“The first quarter demonstrated that our business performance is squarely on track with several key milestones and that we have the right growth strategy in place,” said Hugh Grant, chairman and chief executive officer for Monsanto. “The strength in our business is also seen in the record number of research and development advancements this year. It’s the innovation in our pipeline that’s going to define what’s next for our industry and help deliver on our commitment to bring additional opportunity for farmers around the world.”

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