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Monsanto Repositions Roundup Business to Address Fundamental Market Changes; Adjusts Fiscal Year 2010 Guidance
28.05.2010 08:58 "Agro Perspectiva" (Kyiv) —
Monsanto Company (NYSE: MON) today announced it is repositioning its Roundup® business in the face of fundamental structural changes that have caused upheaval in the glyphosate industry. Focusing its glyphosate products on supporting the core seeds-and-traits business, the company plans to drastically narrow its Roundup® brand portfolio to offer farmers a simple, quality product that meets their needs at a price closer to generics.
«By reducing the uncertainty associated with Roundup, we free Monsanto to grow on its fundamentals,» Chairman and Chief Executive Officer Hugh Grant said. «What matters to our long-term growth is our seeds-and-traits business, which is on track.»
Grant indicated that the company has initiated a series of actions that are expected to cumulatively reduce the ongoing earnings per share (EPS) contribution of the Roundup® business in fiscal-year 2010 by $0.50 to $0.70. These near-term actions include lowering prices on volume for the 2011 season and accelerating payment on certain distributor and retailer incentives to close out multi-tier brand support and speed the transition to the new brand strategy. The company also stated negotiations to resolve breaches of contractual obligations by two major supply customers have been unsuccessful to date.
The company’s ongoing EPS also reflects the acute effect of an abbreviated burn-down season in the United States that limited the opportunity for sales in the third quarter. The company now expects fiscal-year 2010 earnings per share to be in the range of $2.40 to $2.60 on an ongoing basis and $2.15 to $2.41 on an as-reported basis. With the changes in guidance, Monsanto now expects ongoing EPS for its upcoming third-quarter to be in the range of $0.75 to $0.80, and $0.65 to $0.72 on an as-reported basis.
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