Apr. 6, 2018
At the halfway point of its fiscal year, Monsanto Company (NYSE: MON) today highlighted progress related to its FY18 business objectives, including the expected acres of INTACTA RR2 PROTM soybeans in South America and Roundup Ready 2 Xtend soybeans in the U.S., coupled with the benefits from improved glyphosate
The company also noted that results for its second quarter of fiscal year 2018 represented a solid performance, with as-reported earnings per share of $3.27 and $3.22 in ongoing earnings per share.
With Bayer leading the regulatory process for the pending merger, the companies continue to cooperate with regulators and have seen solid progress. The number of anti-trust approvals continues to increase, most notably from the European Commission, China and Brazil, and, as a part of this process, Bayer has announced several planned divestitures. With these actions, Monsanto continues to be confident in the companies' collective ability to secure the required approvals within the second calendar quarter of 2018 and in the time contemplated by the agreement.
"The business objectives we achieved in the first half of fiscal year 2018 reflect our team's unwavering commitment to our farmer customers," said Hugh Grant, chairman and chief executive officer for Monsanto. "Despite tough farm economics, we delivered a solid second quarter and are staying disciplined on near-term execution of the business. We continue to pursue new innovations to benefit modern agriculture, as evidenced by several recent agreements, and we look forward to reaching additional milestones for the merger with Bayer."
"We met our acreage target for INTACTA RR2 PROTM soybeans in South America, and the Roundup Ready Xtend� Crop System is on a path to record trait adoption," added Brett Begemann, president and chief operating officer for Monsanto. "In just the third year of the trait on the market, U.S. farmers are on the way to planting nearly 50 million acres of dicamba-tolerant soy and cotton in 2018, nearly doubling last season's acreage. Based on anticipated market demand, we're expecting 60 million acres in 2019. Farmers clearly see the value in this weed control technology, and we are eager to partner with them to successfully use this vital tool."