Seed giant Monsanto (MON) slid 1.5% on Wednesday afternoon, even after beating analysts’ expectations. The company may have stolen is own thu8nder by announcing earlier in the quarter that seed sales looked strong — year to date, Monsanto is already up about 15%.
The company’s fiscal second quarter EPS of $2.28 beat analysts’ expectations by 16 cents. Seed sales jumped 15% as farmers planted crops earlier because of unseaonably warm weather.
Monsanto also raised its full-year EPS guidance to a range of $3.49 to $3.54 per share above prior projections for $3.39 to $3.44. To some analysts, the increase to its projection wasn’t bold enough.
“Monsanto only raised EPS guidance for the year by 10 cents, to a $3.49 to $3.54 range. We attribute this to early spring weather that pulled some seed deliveries forward,” wrote S&P Capital IQ analyst Kevin Kirkeby.
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