Monsanto Co. said Nov. 10 that it expected accelerated launches of its new corn and soybean products and reaffirmed its outlook for 2010, sending its share up more than five per cent.
Monsanto said it now expects its new Genuity SmartStax corn seed to launch on more than four million acres in 2010, up from a range of three million to four million acres previously expected.
The agricultural company, whose products include biotech seeds, also increased its launch-year expectation for its Genuity Roundup Ready 2 Yield soybean for 2010 to eight million to 10 million acres, compared with its previous projection of seven million to eight million acres.
Monsanto said early-season, yield-trial data indicated a three-year rolling average yield benefit of more than seven per cent across almost 25,000 comparisons.
The company also said it was gaining momentum in the Latin American corn market because of recent regulatory approvals there. Monsanto said it may be able to make new products available there in 2011, a year earlier than originally planned.
Monsanto affirmed its full-year ongoing 2010 earnings per share outlook in the range of $3.10 to $3.30. Monsanto’s full-year 2010 earnings per share outlook on an as-reported basis is in the range of $2.85 to $3.11.
The company recommitted to its 2012 goal for gross profit in the range of $8.6 billion to $8.8 billion, with gross-profit contribution from its Seeds and Genomics platform representing $7.3 billion to $7.5 billion of the 2012 target.