WASHINGTON (AP) — Monsanto says its earnings fell more than 5 percent in the third fiscal quarter as sales of the agricultural giant’s biotech corn seeds slipped.
But its overall earnings topped Wall Street estimates and its shares rose more than 5 percent in premarket trading.
The St. Louis company says it earned $858 million, or $1.62 per share in the three months ended May 31. That’s down from $909 million, or $1.68 per share, a year ago. Revenue was virtually flat at $4.25 billion
Analysts polled by FactSet expected Monsanto to report earnings of $1.54 per share on revenue of $4.39 billion for the quarter.
The company raised the low end of its 2014 forecast to between $5.10 and $5.20 per share. Previously the company’s estimate was for earnings of $5 to $5.20 per share.