Shares of Monsanto Company (NYSE: MON) moved up strongly in premarket trading this morning, and opened over 8% higher as buyers move into the stock following strong first quarter numbers and raised full year guidance.Going into this morning's earnings announcement, analysts had been expecting to the see Monsanto, which supplies agricultural products for farmers in the United States and internationally, to show first quarter earnings of $0.59 per share, but the company blew out analyst estimates by reporting $0.98 per share for its first quarter.
Looking at company revenue for the quarter, Monsanto also shattered analyst estimates by raking in $2.65 in the quarter as opposed to estimates of $2.41 billion, an increase of 29% for the company.
The company also raised fully year guidance and the stock is benefiting from that too. Previously, Monsanto had issued full year 2009 guidance of $4.20 to $4.40, but lifted that estimate today to a range between $4.40 and $4.50.
Shares of the stock have opened over 8% higher, and by 9:45 am jumped over 15%, adding $11.10 to $84.32. It closed yesterday at $73.46.
Michael Fowlkes has worked as a stock trader for seven years and spent the last four years working as an analyst for the online investment advisory service Investor's Observer.
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