- Monsanto (MON) -0.2% premarket after reporting better than expected FQ1 earnings as higher sales of its insect-repelling soybean seeds offset a decline in sales from its corn portfolio.
- Corn seed and traits segment sales grew 7.5% to $1.05B amid growth in the soybean portfolio; gross margin rose to 49.7% from 47.5%.
- MON confirms downside guidance for FY 2014 with EPS of $5.00-$5.20, below analyst estimates, but continues to expect strong operational growth from its core business, reflected in mid-to-high teens growth in EBITDA.
- Regarding the coming U.S. planting season, MON says the pace of its U.S. order book and strong pre-pays are tracking well with 2014 targets.
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