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Monsanto Quarterly Earnings Outdo Analysts’ Expectations
Monsanto reported better-than-expected earnings results for the third quarter on Wednesday as executives continued to make a case for a $45 billion takeover of Syngenta, a Swiss competitor. Monsanto, based in St. Louis, had earnings of $2.39 a share on stronger revenue from crop chemicals, compared with $1.62 a share in the period the previous year. The average estimate of eight analysts surveyed by Zacks Investment Research was $2.05 a share. Matt Arnold, an Edward Jones analyst, said the earnings gain was driven by a one-time licensing payment from Scotts Miracle-Gro, which sells Monsanto’s signature weed killer Roundup to consumers. “The company’s underlying operating performance was more mixed,” he said, noting that Monsanto had maintained its full-year earnings guidance at the lower-end of its range of $5.75 to $6. Monsanto tried to sweeten its offer for Syngenta this month, adding a $2 billion guarantee should a deal fall apart. Syngenta said the proposal remained “inadequate.” Monsanto shares dropped $6.46, or 5.7 percent, to finish at $106.32.
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