Shares of Lennar (LEN) and Monsanto (MON) rose in early trading on Wednesday after both companies reported better-than-expected quarterly results. Lennar, the number two U.S. homebuilder, reported a 32% rise in revenues in its second quarter. Lennar said earnings rose to $183 million or $0.79 a share, on revenue of about $2.4 billion. That topped analysts’ expectations for earnings of $0.64 a share on $2 billion in revenue, according to Thomson Reuters. Elsewhere, seed company Monsanto reported earnings that rose to about $1.1 billion, or $2.39 a share, topping analysts’ expectations for earnings of $2.07 a share, according to Thomson Reuters. Revenue climbed to about $4.5 billion but still fell short of estimates of about $4.6 billion. The company reaffirmed its full-year guidance but chairman and CEO Hugh Grant noted the ongoing challenges faced by the world’s food supply and the company. He said, ‘The challenges facing the world’s food supply continue to evolve. The growing population, along with our volatile and changing climate, place ever-increasing burdens on sustainable global food production. Equipping farmers with the right set of innovations that will help solve tomorrow’s food challenges today requires more than a new company – it requires a new vision and approach. Our proposal to combine with Syngenta (SYT) is an exciting logical next step for our business, offering the opportunity to accelerate innovation and support a more diverse group of farmers around the world.’
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