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Monsanto reports decline in 3Q income but still raises full-year earnings outlook

WASHINGTON – Monsanto says its earnings fell more than 5 per cent in the third fiscal quarter as sales of the agricultural giant’s biotech corn seeds slipped.

But its overall earnings topped Wall Street estimates and its shares rose more than 5 per cent in premarket trading.

The St. Louis company says it earned $858 million, or $1.62 per share in the three months ended May 31. That’s down from $909 million, or $1.68 per share, a year ago. Revenue was virtually flat at $4.25 billion

Analysts polled by FactSet expected Monsanto to report earnings of $1.54 per share on revenue of $4.39 billion for the quarter.

The company raised the low end of its 2014 forecast to between $5.10 and $5.20 per share. Previously the company’s estimate was for earnings of $5 to $5.20 per share.

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