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With Third-Quarter Results, Monsanto Reaffirms Ongoing Earnings Outlook Of Greater Than 20 Percent Growth In Fiscal Year 2013



  With Third-Quarter Results, Monsanto Reaffirms Ongoing Earnings Outlook Of
 Greater Than 20 Percent Growth In Fiscal Year 2013 And Mid-Teens Growth For
                               Fiscal Year 2014

Focus on Farmers, Growth of Global Business Portfolio and Expanding Toolkit of
New Products Expected to Drive Strong Growth in Fiscal Year 2014 and Beyond

PR Newswire

ST. LOUIS, June 26, 2013

ST. LOUIS, June 26, 2013 /PRNewswire/ -- Monsanto Company (NYSE: MON) today
announced third-quarter financial results and reaffirmed its fiscal year 2013
guidance for a third consecutive year of greater than 20 percent growth in
ongoing earnings.  Company executives also noted that the continued strength
and global scope of its core business, coupled with new products and upgrades,
are expected to propel the company to mid-teens ongoing earnings growth in
fiscal year 2014.

                                          Third Quarter     Nine Months
($ in millions)                           2013     2012     2013      2012
Net Sales by Segment
Corn seed and traits                      $ 1,559  $ 1,515  $ 5,978   $ 5,226
Soybean seed and traits                   658      698      1,566     1,629
Cotton seed and traits                    385      490      630       750
Vegetable seeds                           216      195      571       567
All other crops seeds and traits          236      230      410       414
TOTAL Seeds and Genomics                  $ 3,054  $ 3,128  $ 9,155   $ 8,586
Agricultural productivity                 $ 1,194  $ 1,091  $ 3,504   $ 2,820
TOTAL Agricultural Productivity           $ 1,194  $ 1,091  $ 3,504   $ 2,820
TOTAL Net Sales                           $ 4,248  $ 4,219  $ 12,659  $ 11,406
Gross Profit                              $ 2,262  $ 2,363  $ 6,729   $ 6,164
Operating Expenses                        $ 1,024  $ 1,013  $ 2,870   $ 2,760
Interest Expense – Net                    $ 18     $ 18     $ 54      $ 80
Other Expense (Income) – Net              $ (4)    $ 3      $ 35      $ 46
Net Income Attributable to Monsanto       $ 909    $ 937    $ 2,731   $ 2,274
Company
Diluted Earnings per Share (See note 1.)  $ 1.68   $ 1.74   $ 5.05    $ 4.21
Items Affecting Comparability – EPS
Impact
Income on discontinued operations         —        —        (0.02)    (0.01)
Nitro Claims Settlement                   —        —        —         0.05
Resolution of a Legacy Tax Matter         (0.02)   (0.11)   (0.02)    (0.11)
Diluted Earnings per Share from Ongoing
Business (For the definition of ongoing   $ 1.66   $ 1.63   $ 5.01    $ 4.14
EPS, see note 1.)
Effective Tax Rate                        24%      27%      27%       30%

 

                                                    Third Quarter  Nine Months
Comparison as a Percent of Net Sales:               2013    2012   2013   2012
 Gross profit                                       53%     56%    53%    54%
 Selling, general and administrative expenses       15%     15%    14%    15%
 Research and development expenses                  9%      9%     9%     9%
 Income from continuing operations before income    29%     32%    30%    29%
 taxes
 Net income attributable to Monsanto Company        21%     22%    22%    20%

"This is a year where the strength of our global portfolio has really been
highlighted, and with the continued strength of our larger, more global
business, we're on track to deliver more than 20 percent ongoing earnings
growth in fiscal year 2013 and in a very strong position to build on that
success with continued growth next year," said Hugh Grant, chairman and chief
executive officer.  "Our optimism reflects the expanding opportunity we see to
unlock successive layers of growth next year and beyond as our focus on
farmers, new product platforms and operating efficiency combine to build
continued momentum."

Results of Operations

For the first nine months, net sales increased $1.3 billion over the prior
year period to approximately $12.7 billion. Monsanto's year-to-date
performance has been driven by the strength across its global portfolio,
including overall growth in the company's global corn business and continued
strength in the Agricultural Productivity segment.

Net sales for the quarter were $4.2 billion. As expected, the third quarter
results reflect the decreased year-over-year contribution from the Brazil
soybean business, a decrease in overall planted cotton acres and continued
effect of higher production costs from the 2012 drought.

Operating expenses were up $11 million in the third quarter compared to the
same period in the prior year. In the three-month comparison, selling, general
and administrative (SG&A) expenses decreased slightly to $632 million. 
Quarterly research and development (R&D) expenses were up 5 percent to $392
million compared to the prior year period.

The company's third quarter earnings per share (EPS) was $1.66 on an ongoing
and $1.68 on an as-reported basis. EPS for the first nine months of fiscal
year 2013 was $5.01 on an ongoing basis and $5.05 on an as-reported basis.
(For a reconciliation of ongoing EPS, see note 1.)

Cash Flow

The company's strong cash position continued in the third quarter. For the
first nine months of fiscal year 2013, cash flow from operations was a source
of $786 million compared with a source of $853 million in the first nine
months last year. Net cash required by investing activities for the first nine
months of fiscal year 2013 was $387 million, compared to $542 million for the
same period of fiscal year 2012. Net cash required by financing activities for
the first nine months of 2013 was $739 million, compared to net cash required
of $1 billion for the same period of fiscal year 2012. Free cash flow was a
source of $399 million for the first nine months, compared to a source of $311
million for the same period last year. (For a reconciliation of free cash
flow, see note 1.)

Earlier this month, the company announced that its board of directors had
authorized a new share repurchase program, effective July 1, 2013, for up to
$2 billion of the company's common stock over a three-year period.

Outlook

The company reaffirmed 2013 earnings per share guidance in the range of $4.50
to $4.55 on an ongoing basis, with mid-teens ongoing earnings growth
anticipated for fiscal year 2014. The company expects 2013 earnings per share
on an as-reported basis to be in the range of $4.54 to $4.59. (For a
reconciliation of ongoing EPS, see note 1.) The company also confirmed its
full-year free cash flow guidance for fiscal year 2013 of $1.8 billion to $2
billion. The company expects net cash provided by operating activities to be
$2.8 billion to $3.1 billion, and net cash required by investing activities to
be $1 billion to $1.1 billion for fiscal year 2013. (For a reconciliation of
free cash flow, see note 1.)

Seeds and Genomics Segment Detail

($ in      Net Sales                            Gross Profit
millions)
           Third Quarter       Nine Months      Third Quarter     Nine Months
Seeds and  2013     2012     2013      2012     2013     2012     2013     2012
Genomics
Corn Seed                                                                       
and        $ 1,559  $ 1,515  $ 5,978   $ 5,226  $ 859    $ 927    $ 3,628  $
Traits                                                                         3,305
Soybean
Seed and   658      698      1,566     1,629    398      463      911      1,079
Traits
Cotton
Seed and   385      490      630       750      295      385      466      567
Traits
Vegetable  216      195      571       567      93       94       282      260
Seeds
All Other
Crops      236      230      410       414      170      152      252      217
Seeds and
Traits
TOTAL
Seeds and  $ 3,054  $ 3,128  $ 9,155   $ 8,586  $ 1,815  $ 2,021  $ 5,539  $ 5,428
Genomics

 

 ($ in millions)                      Earnings Before Interest & Taxes (EBIT)
                                      Third Quarter        Nine Months
 Seeds and Genomics                   2013       2012      2013      2012
 EBIT (For a reconciliation of EBIT,  $  920     $ 1,111   $ 2,980   $ 2,957
 see note 1.)

The Seeds and Genomics segment consists of the company's global seeds and
related traits business.

Sales in the Seeds and Genomics segment for the third quarter were
approximately $3.1 billion. For the first nine months, sales for the segment
are up $569 million over the same period last year. 

Monsanto's global corn business continues to lead the segment performance this
fiscal year. The company anticipates achieving record total corn volumes for
the third consecutive year with the trend continuing into fiscal year 2014.
Performance to date within corn has been driven by upgrade improvement across
its corn portfolio in key seed geographies, including strong growth and
contribution from its international businesses.

In Latin America, corn trait adoption and product upgrades continue to
accelerate, with VT PRO^™ 2 reaching nearly one-third of the company's branded
portfolio in Brazil in its second year of commercial sales and Genuity^® VT
Triple PRO^® comprising about 40 percent of the company's Argentine corn
portfolio this season. In the United States, the company confirmed it is on
track to come in at or above the high end of its 36 million to 38 million acre
target range for its Genuity^® reduced refuge family. 

Within soybeans, Monsanto noted it is positioned well to be at or above the
high end of its 39 million to 41 million acre target range for its Genuity^® ^
Roundup Ready 2 Yield^® platform in the United States. The company also
confirmed that final results from its second year of Intacta RR2 PRO^™ Ground
Breakers^® on-farm field trials at more than 1,000 locations in Brazil
demonstrated a greater than four bushel per acre yield advantage against
first-generation Roundup Ready^® soybeans. With the final key regulatory
approval secured, Monsanto's commercial preparation for the full-scale launch
of Intacta RR2 PRO^™ soybeans in Brazil for the upcoming season is underway.
Intacta RR2 PRO^™ soybeans are expected to become one of the cornerstone
products in Monsanto's next-generation soybean platform, representing one of
the most significant growth drivers in its global portfolio. The company said
it is targeting around three million acres for the launch of Intacta RR2 PRO^™
soybeans this upcoming growing season in Brazil.

Agricultural Productivity Segment Detail

 
              Net Sales                               Gross Profit
 ($ in
millions)
              Third Quarter       Nine Months         Third Quarter   Nine Months
              2013      2012      2013      2012      2013    2012    2013      2012
Agricultural  $ 1,194   $ 1,091   $ 3,504   $ 2,820   $ 447   $ 342   $ 1,190   $ 736
Productivity
TOTAL
Agricultural  $ 1,194   $ 1,091   $ 3,504   $ 2,820   $ 447   $ 342   $ 1,190   $ 736
Productivity

 

  
                                      Earnings Before Interest & Taxes (EBIT)
  ($ in millions)
                                      Third Quarter           Nine Months
 Agricultural Productivity            2013        2012        2013    2012
 EBIT (For a reconciliation of EBIT,  $  284      $  190      $ 810   $ 354
 see note 1.)
 Unusual Items Affecting EBIT:
 EBIT from Discontinued Operations    $  —        $  (3)      $ 17    $ 8
 Nitro Claims Settlement              $  —        $  —        $ —     $ (44)

 

The Agricultural Productivity segment consists of the crop protection products
and lawn-and-garden herbicide products.

Year-to-date performance of the Seeds and Traits segment is complemented by
the continued strength of the company's Agricultural Productivity segment due
to the positive market environment and focused business strategy. Sales in the
third quarter for the segment increased $103 million over the same period last
year.

Webcast Information

In conjunction with this announcement, Monsanto will hold a conference call at
8:30 a.m. central time (9:30 a.m. eastern time) today.  The call will focus on
these results and future expectations and may include a discussion of
Monsanto's strategic initiatives, product performance and other matters
related to the company's business.

Presentation slides and a simultaneous audio webcast of the conference call
may be accessed by visiting the company's website at
www.monsanto.com/investors or
http://edge.media-server.com/m/p/ptnchaj4/lan/en. Visitors may need to
download Windows Media Player™ prior to listening to the webcast. Following
the live broadcast, a replay of the webcast will be available on the Monsanto
website for three weeks. Monsanto publishes details on upcoming webcasts on
this website in both the Presentation and Financial Reports section and the
Calendar of Events section. Investors should look to this site as the source
of information on future investor conference webcasts. The site includes a
calendar of upcoming investor events, details on accessing scheduled webcasts
and information from previous investor events.

About Monsanto Company

Monsanto Company is a leading global provider of technology-based solutions
and agricultural products that improve farm productivity and food quality.
Monsanto remains focused on enabling both small-holder and large-scale farmers
to produce more from their land while conserving more of our world's natural
resources such as water and energy. To learn more about our business and our
commitments, please visit: www.monsanto.com.  Follow our business on Twitter^®
at www.twitter.com/MonsantoCo, on the company blog, Beyond the Rows at
www.monsantoblog.com, or subscribe to our News Release RSS Feed.

Cautionary Statements Regarding Forward-Looking Information:

Certain statements contained in this release are "forward-looking statements,"
such as statements concerning the company's anticipated financial results,
current and future product performance, regulatory approvals, business and
financial plans and other non-historical facts. These statements are based on
current expectations and currently available information. However, since these
statements are based on factors that involve risks and uncertainties, the
company's actual performance and results may differ materially from those
described or implied by such forward-looking statements. Factors that could
cause or contribute to such differences include, among others: continued
competition in seeds, traits and agricultural chemicals; the company's
exposure to various contingencies, including those related to intellectual
property protection, regulatory compliance and the speed with which approvals
are received, and public acceptance of biotechnology products; the success of
the company's research and development activities; the outcomes of major
lawsuits and the previously-announced SEC investigation; developments related
to foreign currencies and economies; successful operation of recent
acquisitions; fluctuations in commodity prices; compliance with regulations
affecting our manufacturing; the accuracy of the company's estimates related
to distribution inventory levels; the company's ability to fund its short-term
financing needs and to obtain payment for the products that it sells; the
effect of weather conditions, natural disasters and accidents on the
agriculture business or the company's facilities; and other risks and factors
detailed in the company's most recent Form 10-K Report to the SEC. Undue
reliance should not be placed on these forward-looking statements, which are
current only as of the date of this release. The company disclaims any current
intention or obligation to update any forward-looking statements or any of the
factors that may affect actual results.

Notes to editors: Monsanto and the Vine Design, Genuity, Roundup Ready,
Roundup Ready 2 Yield, Intacta RR2 PRO,  VT PRO 2,  VT Triple PRO ^ and Ground
Breakers are trademarks of Monsanto Company and its wholly-owned subsidiaries.

Contact: Media:    Sara Miller (314-694-5824)
         Analysts: Bryan Hurley (314-694-8148)

 

 

Monsanto Company
Selected Financial Information
(Dollars in millions, except per share amounts)
Unaudited

 
Statements of            Three Months Ended May 31,  Nine Months Ended May 31,
Consolidated Operations
                         2013           2012         2013           2012
Net Sales                $   4,248      $  4,219     $  12,659      $  11,406
Cost of Goods Sold       1,986          1,856        5,930          5,242
Gross Profit             2,262          2,363        6,729          6,164
Operating Expenses:
Selling, general and     632            638          1,773          1,681
administrative expenses
Research and             392            375          1,097          1,079
development expenses
Total Operating          1,024          1,013        2,870          2,760
Expenses
Income From Operations   1,238          1,350        3,859          3,404
Interest Expense         37             39           123            139
Interest Income          (19)           (21)         (69)           (59)
Other Expense (Income),  (4)            3            35             46
Net
Income from Continuing
Operations Before        1,224          1,329        3,770          3,278
Income Taxes
Income Tax Provision     292            361          1,017          971
Income from Continuing
Operations Including     $   932        $  968       $  2,753       $  2,307
Portion Attributable to
Noncontrolling Interest
Discontinued
Operations:
Income (Loss) from
Operations of            —              (3)          17             8
Discontinued Businesses
Income Tax Provision     —              (1)          6              3
(Benefit)
Income (Loss) on         —              (2)          11             5
Discontinued Operations
Net Income               $   932        $  966       $  2,764       $  2,312
Less: Net Income
Attributable to          23             29           33             38
Noncontrolling Interest
Net Income Attributable  $   909        $  937       $  2,731       $  2,274
to Monsanto Company
EBIT (see note 1)        $   1,204      $  1,301     $  3,790       $  3,311
Basic Earnings per
Share Attributable to
Monsanto Company:
Income from Continuing   $   1.70       $  1.76      $  5.09        $  4.25
Operations
Income on Discontinued   —              —            0.02           0.01
Operations
Net Income Attributable  $   1.70       $  1.76      $  5.11        $  4.26
to Monsanto Company
Diluted Earnings per
Share Attributable to
Monsanto Company:
Income from Continuing   $   1.68       $  1.74      $  5.03        $  4.20
Operations
Income on Discontinued   —              —            0.02           0.01
Operations
Net Income Attributable  $   1.68       $  1.74      $  5.05        $  4.21
to Monsanto Company
Weighted Average Shares
Outstanding:
Basic                    534.1          532.9        534.5          534.2
Diluted                  540.0          538.8        540.7          540.2

 

 

Monsanto Company

Selected Financial Information

(Dollars in millions, except per share amounts)

Unaudited

 
Condensed Statements of Consolidated Financial     As of         As of
Position
                                                   May 31, 2013  Aug. 31, 2012
Assets
Current Assets:
Cash and cash equivalents (variable interest       $  2,921      $  3,283
entity restricted - 2013: $175 and 2012: $120)
Short-term investments                             143           302
Trade receivables, net (variable interest entity   3,610         1,897
restricted - 2013: $6 and 2012: $52)
Miscellaneous receivables                          812           620
Deferred tax assets                                574           534
Inventory, net                                     2,884         2,839
Other current assets                               197           183
Total Current Assets                               11,141        9,658
Property, Plant and Equipment, Net                 4,467         4,365
Goodwill                                           3,510         3,435
Other Intangible Assets, Net                       1,225         1,237
Noncurrent Deferred Tax Assets                     518           551
Long-Term Receivables, Net                         242           376
Other Assets                                       576           602
Total Assets                                       $  21,679     $  20,224
Liabilities and Shareowners' Equity
Current Liabilities:
Short-term debt, including current portion of      169           36
long-term debt
Accounts payable                                   745           794
Income taxes payable                               397           75
Accrued compensation and benefits                  408           546
Accrued marketing programs                         763           1,281
Deferred revenues                                  322           396
Grower production accruals                         66            194
Dividends payable                                  —             200
Miscellaneous short-term accruals                  944           699
Total Current Liabilities                          3,814         4,221
Long-Term Debt                                     2,054         2,038
Postretirement Liabilities                         498           543
Long-Term Deferred Revenue                         167           245
Noncurrent Deferred Tax Liabilities                444           313
Long-Term Portion of Environmental and Litigation  204           213
Reserves
Other Liabilities                                  420           615
Monsanto Shareowners' Equity                       13,869        11,833
Noncontrolling Interest                            209           203
Total Shareowners' Equity                          14,078        12,036
Total Liabilities and Shareowners' Equity          $  21,679     $  20,224
Debt to Capital Ratio:                             14         %  15         %

 

 

Monsanto Company

Selected Financial Information

(Dollars in millions, except per share amounts)

Unaudited

 
Statements of Consolidated Cash Flows              Nine Months Ended
                                                   May 31, 2013  May 31, 2012
Operating Activities:
Net Income                                         $   2,764     $   2,312
Adjustments to reconcile cash provided by
operating activities:
Items that did not require (provide) cash:
Depreciation and amortization                      457           466
Bad-debt expense                                   14            (9)
Stock-based compensation expense                   76            102
Excess tax benefits from stock-based compensation  (73)          (33)
Deferred income taxes                              171           195
Equity affiliate income, net                       (11)          (11)
Net gain on sales of a business or other assets    (15)          (3)
Other items                                        (48)          51
Changes in assets and liabilities that required
cash, net of acquisitions:
Trade receivables, net                             (1,614)       (1,773)
Inventory, net                                     (100)         (134)
Deferred revenues                                  (156)         (35)
Accounts payable and other accrued liabilities     (465)         (171)
Restructuring cash payments                        —             (11)
Pension contributions                              (53)          (57)
Other items                                        (161)         (36)
Net Cash Provided by Operating Activities          786           853
Cash Flows Provided (Required) by Investing
Activities:
Purchases of short-term investments                (462)         (444)
Maturities of short-term investments               621           444
Capital expenditures                               (459)         (376)
Acquisitions of businesses, net of cash acquired   (120)         (113)
Technology and other investments                   (63)          (61)
Other investments and property disposal proceeds   96            8
Net Cash Required by Investing Activities          (387)         (542)
Cash Flows Provided (Required) by Financing
Activities:
Net change in financing with less than 90-day      170           (86)
maturities
Short-term debt proceeds                           1             9
Short-term debt reductions                         (29)          (21)
Long-term debt proceeds                            16            —
Long-term debt reductions                          (2)           (142)
Payments on other financing                        —             (2)
Treasury stock purchases                           (578)         (423)
Stock option exercises                             234           69
Excess tax benefits from stock-based compensation  73            33
Tax withholding on restricted stock and restricted (3)           (1)
stock units
Dividend payments                                  (602)         (482)
Dividend payments to noncontrolling interests      (19)          (76)
Proceeds from noncontrolling interests             —             101
Net Cash Required by Financing Activities          (739)         (1,021)
Effect of Exchange Rate Changes on Cash and Cash   (22)          (146)
Equivalents
Net Decrease in Cash and Cash Equivalents          (362)         (856)
Cash and Cash Equivalents at Beginning of Period   3,283         2,572
Cash and Cash Equivalents at End of Period         $   2,921     $   1,716

 

Monsanto Company
Selected Financial Information
(Dollars in millions)
Unaudited
   EBIT, Ongoing EPS and Free Cash Flow:  The presentations of EBIT, ongoing
   EPS and free cash flow are not intended to replace net income (loss)
   attributable to Monsanto Company, cash flows, financial position or
1. comprehensive income (loss), and they are not measures of financial
   performance as determined in accordance with generally accepted accounting
   principles (GAAP) in the United States.  The following tables reconcile
   EBIT, ongoing EPS and free cash flow to the respective most directly
   comparable financial measure calculated in accordance with GAAP.
   Reconciliation of EBIT to Net Income (Loss):  EBIT is defined as earnings
   (loss) before interest and taxes.  Earnings (loss) is intended to mean net
   income (loss) attributable to Monsanto Company as presented in the
   Statements of Consolidated Operations under GAAP.  The following table
   reconciles EBIT to the most directly comparable financial measure, which is
   net income (loss) attributable to Monsanto Company.

 

                         Three Months Ended May 31,  Nine Months Ended May 31,
                         2013           2012         2013          2012
EBIT – Seeds and         $   920        $  1,111     $  2,980      $  2,957
Genomics Segment
EBIT – Agricultural      284            190          810           354
Productivity Segment
EBIT– Total              1,204          1,301        3,790         3,311
Interest Expense, Net    18             18           54            80
Income Tax               277            346          1,005         957
Provision^(A)
Net Income Attributable  $   909        $  937       $  2,731      $  2,274
to Monsanto Company

(A) Includes the income tax provision from continuing operations, the income
tax benefit (provision) on noncontrolling interest, and the income tax on
discontinued operations.

Reconciliation of EPS to Ongoing EPS:  Ongoing EPS is calculated excluding
certain after-tax items which Monsanto does not consider part of ongoing
operations.

 

                    Fiscal Year  Three Months Ended May  Nine Months Ended May
                    2013         31,                     31,
                    Guidance     2013         2012       2013         2012
Diluted Earnings    $4.54-$4.59  $  1.68      $  1.74    $  5.05      $  4.21
per Share
Income on
Discontinued        (0.02)       —            —          (0.02)       (0.01)
Operations
Nitro Claims        —            —            —          —            0.05
Settlement
Resolution of a     (0.02)       (0.02)       (0.11)     (0.02)       (0.11)
Legacy Tax Matter
Diluted Earnings
per Share from      $4.50-$4.55  $  1.66      $  1.63    $  5.01      $  4.14
Ongoing Business

Reconciliation of Free Cash Flow:  Free cash flow represents the total of cash
flows from operating activities and investing activities, as reflected in the
Statements of Consolidated Cash Flows presented in this release.  With respect
to the fiscal year 2013 free cash flow guidance, Monsanto does not include any
estimates or projections of Net Cash Provided (Required) by Financing
Activities because in order to prepare any such estimate or projection,
Monsanto would need to rely on market factors and conditions that are outside
of its control.

                                   Fiscal Year 2013  Nine Months Ended May 31,
                                   Guidance          2013          2012
Net Cash Provided by Operating   $ 2,800-3,100       $  786        $  853
Activities
Net Cash Required by Investing     (1,000)-(1,100)   (387)         (542)
Activities
Free Cash Flow                   $ 1,800-2,000       399           311
Net Cash Required by Financing     N/A               (739)         (1,021)
Activities
Effect of Exchange Rate Changes    N/A               (22)          (146)
on Cash and Cash Equivalents
Net Decrease in Cash and Cash      N/A               (362)         (856)
Equivalents
Cash and Cash Equivalents at       N/A               3,283         2,572
Beginning of Period
Cash and Cash Equivalents at End   N/A               $  2,921      $  1,716
of Period

 

SOURCE Monsanto Company

Website: http://www.monsanto.com
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