Monsanto Q1 2017 net sales increased to $2.7 billion
Staff Writer |
In the first quarter of 2017, Monsanto Company delivered higher earnings per share than the prior year thanks to the strength of the company’s South American business.
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Net sales for the fiscal year 2017 first quarter increased over the prior year’s first quarter to $2.7 billion versus $2.2 billion in the prior year period.
Gross profit for the quarter increased to $1.3 billion versus the prior year period of $0.9 billion.
Selling, general and administrative costs were $585 million and research and development expenses were $370 million for the first quarter of fiscal year 2017.
Total operating spend decreased with reduced restructuring expenses more than offsetting increases from pending Bayer transaction related costs, growth in commissions in South America and unfavorable impact of currency on spend.
The company’s fiscal year 2017 first quarter EPS on an as-reported basis was $0.07 which included $0.19 of pending Bayer transaction related costs.
EPS on an ongoing basis was $0.21, well above the prior year’s ongoing loss of $0.11, driven by the expected strong start to the business in South America and currency effects.
For the first three months of fiscal year 2017, net cash provided by operating activities was $1.5 billion, compared with net cash provided by operating activities of $1.4 billion in the first three months last year.
Net cash required by investing activities for the first three months of fiscal year 2017 was $327 million, compared to $336 million for the same period of fiscal year 2016.
Net cash required by financing activities for the first three months of fiscal year 2017 was $655 million, compared to net cash required of $2.4 billion for the same period of fiscal year 2016.
Free cash flow was a source of $1.1 billion for the first three months of fiscal year 2017, compared to $1 billion for the same period of fiscal year 2016. ■