Monsanto Co reported a 6 percent drop in quarterly profit on Wednesday, but shares of the world's largest seed company climbed more than 5 percent as it raised the low end of its fiscal-year outlook and said it planned to double earnings over the next five years.The company also announced a $10 billion share repurchase authorization.Monsanto, known for its development of genetically engineered corn, soybeans and other crops as well as for the popular Roundup herbicide, said although earnings for the third quarter ended May 31 were down in the face of challenging market conditions, the overall outlook was bright.Chairman Hugh Grant said the company aimed by the end of fiscal 2019 to at least double full-year ongoing earnings, which exclude certain special after-tax items.
Monsanto Company (Monsanto) along with its subsidiaries, is a provider of agricultural products for farmers. Shares of MON traded higher by 4.85% or $5.847/share to $126.48. In the past year, the shares have traded as low as $94.00 and as high as $123.99. On average, 2633390 shares of MON exchange hands on a given day and today's volume is recorded at 3953305.
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