Monsanto Company (MON) stock was down on its updated outlook for 2016.
Monsanto said that it’s now expecting earnings per share to range from $4.40 to $5.10 for the full year of 2016. This is down from the previous guidance of $5.10 to $5.40. Analysts are expecting $5.14 from MON for the current year.
Monsanto also reduced its outlook for free cash flow in 2016 to between $1.4 billion to $1.6 billion. It’s previous expectations had free cash flow for the year falling between $1.6 billion and $1.8 billion.
Monsanto’s changed outlook means that it’s now expecting EPS for the second quarter of 2016 to be between $2.35 to $2.45. Wall Street is currently expecting MON to report EPS of $2.84 for Q2 2016.
Monsanto said that it was reducing its guidance for 2016 due to ” weak foreign currencies, generic glyphosate pricing and compressed grower margins coming from lower commodity prices.” It also noted that it hasn’t been given an EPA label for in-crop use of dicamba.
MON shares were down 6% as of Wednesday morning.
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