09:59 ET MON Beats on Bottom Line Misses on Revs
Monsanto (MON 46.78 -0.56) reported its third quarter earnings of $0.81 per share, excluding non-recurring items, $0.01 better than the consensus of $0.80.
Revenues fell 6.3% year-over-year to $2.96 billion below the $3.17 billion consensus.
The company reaffirmed guidance for fiscal year 2010, expecting earnings per share of $2.40-2.60, excluding non-recurring items, in-line with the $2.51 consensus. The company also affirmed free cash flow guidance of $400-500 million.
Price decreases for Roundup and other glyphosate-based herbicides affected the company's results as expected, despite the volume growth achieved for these products.
Revenues fell 6.3% year-over-year to $2.96 billion below the $3.17 billion consensus.
The company reaffirmed guidance for fiscal year 2010, expecting earnings per share of $2.40-2.60, excluding non-recurring items, in-line with the $2.51 consensus. The company also affirmed free cash flow guidance of $400-500 million.
Price decreases for Roundup and other glyphosate-based herbicides affected the company's results as expected, despite the volume growth achieved for these products.
CELG to Purchase ABII for Approx. $71.93/Share
Celgene (CELG 53.24) and Abraxis BioScience (ABII 61.31) jointly announced the signing of a definitive merger agreement in which Celgene has agreed to acquire Abraxis BioScience.
Under the terms of the merger agreement, each share of Abraxis BioScience common stock will be converted into the right to receive an upfront payment of $58.00 in cash and 0.2617 shares of Celgene common stock.
The upfront payment values Abraxis BioScience at approx $2.9 billion, or approx $71.93/share, net of cash. Each share will also receive one tradeable Contingent Value Right, which entitles its holder to receive payments for future regulatory milestones and commercial royalties.
The transaction is expected to be modestly dilutive to CELG non-GAAP earnings in 2011 and accretive in 2012 and beyond. Celgene reaffirms fiscal year 2010 non-GAAP guidance (consensus $2.67 EPS and $3.35 bln in revenue) and expects acquisition to add approx. $1.0 billion in revenue in 2015.
ZZ Reports In-line Q2 Results
Sealy (ZZ 2.94) reported second quarter earnings of $0.02 per share after hours yesterday, in-line with the Thomson Reuters consensus of $0.02.
On the top line, revenues rose 6.0% year-over-year to $316.5 million, worse then the $319.9 million consensus.
The company said, "We continue to see stabilization in the macro-economic and consumer credit environments, leading to improved stability in retail demand."
GIS Guides FY11 EPS Below Consensus
After the close yesterday, General Mills (GIS 36.90) reported fourth quarter earnings of $0.41 per share, in-line with the Thomson Reuters consensus of $0.41.
Revenues fell 2.1% year-over-year to $3.57 billion, slightly better than the $3.55 billion consensus.
For its fiscal year 2011, the company expects to see earnings in the range of $2.46 to $2.48 per share, below the $2.50 Thomson Reuters consensus.
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