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Strength Across Monsanto Company Business Portfolio Drives First Quarter Results And Momentum As Company Increases Full Year Guidance

- Company Raises Full-Year Ongoing Earnings Per Share Guidance to $4.30 to $4.40, or $4.31 to $4.41 As-Reported, Increases Free Cash Flow Guidance

ST. LOUIS, Jan. 8, 2013 /PRNewswire/ -- Monsanto Company (NYSE: MON) delivered strong results for the first quarter of its fiscal year 2013, reflecting contributions from the continued expansion of its Latin American corn business, early momentum in its U.S. seeds and traits business and performance of its agricultural productivity segment. Executives said the cumulative strength of the company's broad business portfolio translated to an increase in full-year earnings per share and free cash flow guidance, even at this early point in the company's fiscal year. Monsanto also highlighted 18 phase advancements across its integrated yield pipeline, a record for its annual research and development update.

($ in millions)

First Quarter 2013


First Quarter 2012

Net Sales By Segment







Corn seed and traits

$

1,139


$

895


Soybean seed and traits


231



242


Cotton seed and traits


185



194


Vegetable seeds


156



157


All other crops seeds and traits


44



46

TOTAL Seeds and Genomics

$

1,755


$

1,534









Agricultural Productivity


1,184



905

TOTAL Agricultural Productivity

$

1,184


$

905








TOTAL Net Sales

$

2,939


$

2,439








Gross Profit

$

1,397


$

1,096








Operating Expenses

$

888


$

851








Interest Expense – Net

$

28


$

35

Other Expense – Net

$

17


$

6








Net Income Attributable to Monsanto Company

$

339


$

126








Diluted Earnings per Share (See note 1.)

$

0.63


$

0.23

Items Affecting Comparability – EPS Impact







Income on discontinued operations

$

(0.01)


$

Diluted Earnings per Share from Ongoing Business (For the definition of ongoing EPS, see note 1.)

$

0.62


$

0.23








Effective Tax Rate


26%



34%

 

Comparison as a Percent of Net Sales:

First Quarter 2013


First Quarter 2012


Gross profit

48

%


45

%


Selling, general and administrative expenses

18

%


21

%


Research and development expenses

12

%


14

%


Income before income taxes

16

%


8

%


Net Income Attributable to Monsanto Company

12

%


5

%

"We've achieved a successful start to the year, with contributions from multiple areas that speaks to the strength of our global business and provides confidence in our ability to realize a third consecutive year of significant growth," said Hugh Grant, chairman and chief executive officer for Monsanto.  "The momentum in our business is also seen in our record research and development progress.  Through continued innovation in our integrated yield pipeline, we remain committed to delivering cutting-edge solutions that will bring additional value to our customers."

Results of Operations

The company achieved strong first quarter results that reflect the strength and growth of its business. Net sales for the quarter increased 21 percent over the prior year's first quarter to $2.9 billion, with significant contribution from the corn seed and traits business, led by the corn opportunity acceleration in Latin America and strong shipments in the United States reflective of a positive order book. Gross profit for the 2013 first quarter increased 27 percent over the prior year period to $1.4 billion.  

Selling, general and administrative (SG&A) costs were $542 million in the first quarter. Research and development (R&D) expenses decreased year-over-year to $346 million for the quarter.

The company's first quarter earnings per share (EPS) was $0.62 on an ongoing and $0.63 on an as-reported basis. (For a reconciliation of ongoing EPS, see note 1.)

Cash Flow

The higher first quarter business results are also reflected in the company's free cash flow, which was a source of $1.5 billion compared with a source of $856 million for the prior year first quarter. (For a reconciliation of free cash flow, see note 1.) The raise reflects an increase in customer prepayments in advance of the U.S. season combined with the translation of increased earnings into cash.

Net cash provided by operating activities for the 2013 fiscal year first quarter was a source of $1.6 billion, compared to a source of $1.1 billion in the first quarter last year. Net cash required by investing activities for the first quarter of 2013 was $96 million, compared with $254 million for the same period of fiscal year 2012.  Net cash required by financing activities for the first quarter of 2013 was $116 million, compared with $340 million for the prior year's first quarter.

Outlook

The company raised its full year ongoing EPS guidance to $4.30 to $4.40 per share, positioning the company for a third straight year of strong ongoing earnings growth. Full-year 2013 EPS guidance on an as-reported basis is expected in the range of $4.31 to $4.41 per share. (For a reconciliation of EPS, see note 1.)

The company also raised full year free cash flow guidance to $1.8 billion to $2 billion. The company expects net cash provided by operating activities to be $2.9 billion to $3.3 billion, and net cash required by investing activities to be $1.1 billion to $1.3 billion for fiscal year 2013. (For a reconciliation of free cash flow, see note 1.)

The updated EPS and free cash flow guidance does not include an estimated historical range of $0.20 to $0.25 of EPS contribution related to the Roundup Ready soybean business in Brazil given uncertainty in timing of resolution of ongoing business and legal developments.

Seeds and Genomics Segment Detail


($ in millions)


Net Sales


Gross Profit



Seeds and Genomics


First Quarter 2013


First Quarter 2012


First Quarter 2013


First Quarter 2012



Corn seed and traits

$

1,139

$

895

$

686

$

531



Soybean seed and traits


231


242


118


173



Cotton seed and traits


185


194


127


135



Vegetable seeds


156


157


83


81



All other crops seeds and traits


44


46


11


(4)



TOTAL Seeds and Genomics

$

1,755

$

1,534

$

1,025

$

916


 


($ in millions)

Earnings Before Interest & Taxes (EBIT)



Seeds and Genomics


First Quarter 2013


First Quarter 2012



EBIT (For a reconciliation of EBIT, see note 1.)

$

220

$

147


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

Sales for Monsanto's Seeds and Genomics segment increased 14 percent in the first quarter to $1.8 billion, with corn seed and traits performance driving the first quarter strength.

Corn seed and traits net sales increased 27 percent over last year's first quarter to $1.1 billion, driven in part by the business strength in Brazil, Argentina and Mexico. The trait upgrade and expansion is on track in both Brazil and Argentina where the company is achieving strong demand for its corn products. In Brazil, farmers continue to upgrade from single trait corn products to the first double stack, VT PRO 2. In its second year of commercial sales, VT PRO 2 is the second-highest volume trait in the company's Brazil corn portfolio this year. Likewise, in Argentina, the company has also seen strong adoption of its Genuity® VT Triple PRO® product. The triple-stack corn product is on track to be 40 percent of the company's Argentine corn portfolio in just its second year on the market.

Complementing the corn performance in Latin America is the early momentum in the U.S. seeds and traits business. Backed by strong cash flow and customer prepayments, the company noted a positive U.S. order book, with the order pace ahead of the same point in time last year. With two years of strong performance, company executives said the U.S. business is in position to grow again in 2013. This includes another increase in acres for both its Genuity® Roundup Ready 2 Yield® platform in soybeans and the Genuity® reduced refuge family in corn.

Agricultural Productivity Segment Detail


($ in millions)


Net Sales


Gross Profit



Agricultural Productivity


First Quarter 2013


First Quarter 2012


First Quarter 2013


First Quarter 2012



TOTAL Agricultural Productivity

$

1,184

$

905

$

372

$

180


 


($ in millions)

Earnings Before Interest & Taxes (EBIT)



Agricultural Productivity


First Quarter 2013



First Quarter 2012



EBIT (For a reconciliation of EBIT, see note 1.)

$

270


$

82



Unusual Items Affecting EBIT: Discontinued Operations

$

11


$


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

Net sales in the first quarter of fiscal 2013 for Monsanto's Agricultural Productivity segment increased $279 million, reflecting the benefit of a favorable marketplace environment lifting the business in the near-term. The company indicated it remains focused on its established strategy for Roundup® following the reset of that business in 2010.

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, future expectations and an update of projects within the company's R&D pipeline. The call also 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 web site at www.monsanto.com/investors or by visiting http://edge.media-server.com/m/p/5866v2f7/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 Web site for three weeks.

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, VT Triple PRO, VT PRO 2, Genuity, Roundup and Roundup Ready 2 Yield 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 Consolidated Operations


Three Months Ended




Nov. 30,




2012



2011

Net Sales

$

2,939


$

2,439

Cost of Goods Sold


1,542



1,343

Gross Profit


1,397



1,096

Operating Expenses:







Selling, General and Administrative Expenses


542



500


Research and Development Expenses


346



351

Total Operating Expenses


888



851

Income From Operations


509



245

Interest Expense


51



53

Interest Income


(23)



(18)

Other Expense, Net


17



6

Income Before Income Taxes


464



204

Income Tax Provision


122



70

Income from Continuing Operations Including Portion Attributable

to Noncontrolling Interest

$

342


$

134

Discontinued Operations:






Income from Operations of Discontinued Businesses


11



Income Tax Provision


4



Income on Discontinued Operations


7



Net Income Including Portion Attributable to Noncontrolling Interest

$

349


$

134

Less: Net Income Attributable to Noncontrolling Interest


10



8

Net Income Attributable to Monsanto Company

$

339


$

126








EBIT (see note 1)

$

490


$

229








Basic Earnings per Share:






Income from Continuing Operations

$

0.62


$

0.24

Income on Discontinued Operations


0.01



Basic Earnings per Share Attributable to Monsanto Company

$

0.63


$

0.24








Diluted Earnings per Share:






Income from Continuing Operations

$

0.62


$

0.23

Income on Discontinued Operations


0.01



Diluted Earnings per Share Attributable to Monsanto Company

$

0.63


$

0.23








Weighted Average Shares Outstanding:







Basic


534.8



535.4


Diluted


540.4



541.4

 

Monsanto Company

Selected Financial Information

(Dollars in millions, except per share amounts)

Unaudited

 

Condensed Statements of Consolidated Financial Position

As of


As of



Nov. 30, 2012


Aug. 31, 2012

Assets






Current Assets:







Cash and cash equivalents (variable interest entity restricted - 2013: $30 and 2012: $120)

$

4,637


$

3,283


Short-term investments


310



302


Trade Receivables, net (variable interest entity restricted - 2013: $140 and 2012: $52)


2,168



1,897


Miscellaneous Receivables


700



620


Deferred Tax Assets


513



534


Inventory, Net


3,571



2,839


Other Current Assets (variable interest entity restricted - 2013: $2)


161



183

Total Current Assets


12,060



9,658








Property, Plant and Equipment, Net


4,348



4,365

Goodwill


3,447



3,435

Other Intangible Assets, Net


1,210



1,237

Noncurrent Deferred Tax Assets


552



551

Long-Term Receivables, Net


290



376

Other Assets


630



602

Total Assets

$

22,537


$

20,224








Liabilities and Shareowners' Equity






Current Liabilities:







Short-Term Debt, Including Current Portion of Long-Term Debt

$

26


$

36


Accounts Payable


785



794


Income Taxes Payable


68



75


Accrued Compensation and Benefits


307



546


Accrued Marketing Programs


710



1,281


Deferred Revenues


2,843



396


Grower Production Accruals


711



194


Dividends Payable




200


Customer Payable


8



14


Miscellaneous Short-Term Accruals


703



685

Total Current Liabilities


6,161



4,221








Long-Term Debt


2,054



2,038

Postretirement Liabilities


530



543

Long-Term Deferred Revenue


218



245

Noncurrent Deferred Tax Liabilities


314



313

Long-Term Portion of Environmental and Litigation Reserves


212



213

Other Liabilities


583



615

Monsanto Shareowners' Equity


12,259



11,833

Noncontrolling Interest


206



203

Total Shareowners' Equity


12,465



12,036

Total Liabilities and Shareowners' Equity

$

22,537


$

20,224








Debt to Capital Ratio:


15%



15%

 

Monsanto Company

Selected Financial Information

(Dollars in millions, except per share amounts)

Unaudited

 

Statements of Consolidated Cash Flows

Three Months Ended




Nov. 30,





2012



2011

Operating Activities:







Net Income

$

349


$

134


Adjustments to Reconcile Cash Provided by Operating Activities:







Items That Did Not Require (Provide) Cash:








Depreciation and Amortization


152



155



Bad-Debt Expense


7



(1)



Stock-Based Compensation Expense


24



23



Excess Tax Benefits from Stock-Based Compensation


(15)



(6)



Deferred Income Taxes


10



(48)



Equity Affiliate (Income) Expense, Net


(2)



1



Net Gain on Sales of a Business or Other Assets


(12)



(1)



Other Items


(24)



(55)


Changes in Assets and Liabilities that (Required) Provided Cash, Net of Acquisitions:








Trade Receivables, Net


(219)



49



Inventory, Net


(754)



(679)



Deferred Revenues


2,422



1,624



Accounts Payable and Other Accrued Liabilities


(398)



(127)



Restructuring Cash Payments




(4)



Pension Contributions


(16)



(5)



Other Items


45



50

Net Cash Provided by Operating Activities


1,569



1,110









Cash Flows (Required) Provided by Investing Activities:








Purchases of Short-Term Investments


(118)



(142)



Maturities of Short-Term Investments


110



142



Capital Expenditures


(133)



(138)



Acquisitions of Businesses, Net of Cash Acquired




(113)



Technology and Other Investments


(23)



(5)



Other Proceeds


68



2

Net Cash Required by Investing Activities


(96)



(254)









Cash Flows Provided (Required) by Financing Activities:








Net Change in Financing With Less Than 90-Day Maturities


60



(8)



Short-Term Debt Reductions


(7)



(17)



Long-Term Debt Proceeds


16



1



Long-Term Debt Reductions




(138)



Treasury Stock Purchases


(27)



(26)



Stock Option Exercises


31



12



Excess Tax Benefits from Stock-Based Compensation


16



6



Tax Withholding on Restricted Stock and Restricted Stock Units


(3)



(1)



Dividend Payments


(201)



(161)



Dividend Payments to Noncontrolling Interests


(1)



(8)

Net Cash Required by Financing Activities


(116)



(340)

Effect of Exchange Rate Changes on Cash and Cash Equivalents


(3)



(81)

Net Increase in Cash and Cash Equivalents


1,354



435

Cash and Cash Equivalents at Beginning of Period


3,283



2,572

Cash and Cash Equivalents at End of Period

$

4,637


$

3,007

 

Monsanto Company
Selected Financial Information
(Dollars in millions)
Unaudited

 


1.

EBIT, Ongoing EPS and Free Cash Flow: The presentations of EBIT, ongoing EPS and free cash flow are not intended to replace net income attributable to Monsanto Company, cash flows, financial position or 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: EBIT is defined as earnings before interest and taxes. Earnings is intended to mean net income 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 attributable to Monsanto.

 



Three Months Ended



Nov. 30,



2012



2011

EBIT – Seeds and Genomics Segment

$

220


$

147

EBIT – Agricultural Productivity Segment


270



82

EBIT– Total


490



229

Interest Expense, Net


28



35

Income Tax Provision(A)


123



68

Net Income Attributable to Monsanto Company

$

339


$

126

(A)

Includes the income tax benefit on noncontrolling interest and the income tax provision 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

Three months


2013

ended

ended


Guidance

Nov. 30, 2012

Nov. 30, 2011

Diluted Earnings per Share

$4.31-$4.41

$

0.63

$

0.23

Income on Discontinued Operations

(0.01)


(0.01)


Diluted Earnings per Share from Ongoing Business

$4.30-$4.40

$

0.62

$

0.23

 

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


Three Months Ended


2013


Nov. 30,


Guidance


2012


2011

Net Cash Provided by Operating Activities

$

2,900-3,300

$

1,569

$

1,110

Net Cash Required by Investing Activities


(1,100)-(1,300)


(96)


(254)

Free Cash Flow

$

1,800-2,000

$

1,473

$

856

Net Cash Required by Financing Activities


N/A


(116)


(340)

Effect of Exchange Rate Changes on Cash and Cash Equivalents


N/A


(3)


(81)

Net Increase in Cash and Cash Equivalents


N/A


1,354


435

Cash and Cash Equivalents at Beginning of Period


N/A


3,283


2,572

Cash and Cash Equivalents at End of Period


N/A

$

4,637

$

3,007

SOURCE Monsanto Company

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SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
Now that the world has connected “things,” we need to build these devices as truly intelligent in order to create instantaneous and precise results. This means you have to do as much of the processing at the point of entry as you can: at the edge. The killer use cases for IoT are becoming manifest through AI engines on edge devices. An autonomous car has this dual edge/cloud analytics model, producing precise, real-time results. In his session at @ThingsExpo, John Crupi, Vice President and Eng...