Agricultural products maker Monsanto Company ( MON ) on Thursday posted better-than-expected fiscal first quarter earnings and raised the low-end of its full-year outlook.
The St. Louis-based company reported fiscal first quarter net income of $126 million, or 23 cents per share, compared with just $9 million, or 2 cents per share, in the year-ago period.
Revenue rose nearly 33% from last year to $2.44 billion.
On average, Wall Street analysts expected a much smaller profit 16 cents per share, on much lower revenue of $2.05 billion.
Looking ahead, the company said it now expects full-year 2012 earnings to range from $3.39 to $3.44 per share, up from a prior outlook of $3.34 to $3.44 per share.
Monsanto shares rose 53 cents, or +0.7%, in premarket trading Thursday.
The Bottom Line
Shares of Monsanto ( MON ) have a 1.65% dividend yield, based on last night's closing stock price of $72.67. The stock has technical support in the $66-$68 price area. If the shares can firm up, we see overhead resistance around the $74-$78 price levels.
Monsanto Company ( MON ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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