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Monsanto Sprouts a Modestly Positive Harvest

By Gary Dvorchak

 About this article:
 For Dvorchak's preview heading into the Monsanto conference call, please click here. Investors are modestly pleased with Monsanto's earnings beat this morning, bidding the stock up a bit more than the strong market rally. The headline looked good, with EPS of $1.25 beating the consensus by 8 cents, but the consensus was lowered a month ago. Revenue missed by a country mile, coming in at $3.16 billion vs. the $3.45 billion Street number. Once again, a company beats with excellent cost control -- nothing wrong with that -- but at this stage of the recovery, investors are only going to credit actual growth, not "cutting your way to prosperity." Management also reaffirmed guidance for the year but put the likely EPS at the "low end" of the previously announced range of $4.40 to $4.50. Add this up, and the results balance out to a modest positive, hence...

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