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Business news and notes Tuesday, December 13, 2005
Monsanto expects earnings to soar
ST. LOUIS -- Monsanto Co. said last week it now expects to earn twice as much as previously projected for its latest quarter due to high demand for Roundup herbicide in Europe and the United States.
St. Louis-based Monsanto said it now expects to earn 20 cents a share in the fiscal first quarter ended Nov. 30. That's up from its previous estimate of 10 cents a share.
Analysts surveyed by Thomson Financial had forecast, on average, earnings of 11 cents a share.
In the prior fiscal year, the company earned $255 million, or 96 cents a share, on revenue of $6.29 billion.
The company said early orders for corn seed and traits "indicate another strong season ahead for its U.S. business."
ConAgra Foods earnings expected to fall
OMAHA -- ConAgra Foods Inc. said its second-quarter earnings would be lower than previously expected because of higher fuel and energy costs and disappointing sales volume.
The company said earnings per share for the quarter that ended Nov. 27 will be about 38 cents per share. But one-time items account for 7 cents of that figure and can't be compared with past quarters.
"This quarter's softness further illustrates that our company's fundamentals are not nearly as strong as they need to be," said Gary Rodkin, the company's president and chief executive. "ConAgra Foods has the potential to be consistently much more profitable."
And Rodkin said in a statement that the company feels an urgent need to find ways to improve its brand performance.
Gold'n Plump ships chicken to hurricane area
ST. CLOUD, Minn. -- A poultry processor here shipped more than 30,000 pounds of chicken to victims of Hurricane Katrina in Mississippi.
Gold'n Plump Poultry sent the chicken Dec. 7 to Hattiesburg, Miss., as part of a local effort to help areas struck by the hurricane in August. The chicken was expected to arrive in Hattiesburg on Friday, said Susan Worwa, a spokeswoman for Gold'n Plump. Ramler Trucking of nearby Albany donated the cost of shipping the food.
"For a long time we have been trying to find a way to feed people down there and help them out," Worwa said. Initially, with little or no electricity in the storm-damaged area, there was no way to keep perishable items fresh, she said.
The Central Minnesota Council of Boys Scouts of America is providing $2,500 for the city's annual dinner, scheduled for later this month. Donations from Boy Scout families and a popcorn sale provided the money, said David Trehey, a Scout executive.
Schwartz joins Gold Country Seed
Dave Schwartz, a 26-year veteran of the Minnesota Extension Service, has joined Gold Country Seed as its new soybean product manager/tech service agronomist.
Schwartz grew up on a crop and hog farm near Brownton and started his Extension career in 1978 in Meeker, McLeod, Renville and Kandiyohi counties. Most recently, he was employed by Heartland Hybrids in Dassel.
Deere will sell its managed care unit
MOLINE, Ill. -- Deere & Company last week said that it has agreed to sell its wholly-owned managed care subsidiary to UnitedHealthcare of Minneapolis -- the second largest health insurer in the United States. Deere said it has signed a definitive agreement to sell John Deere Health Care, Inc. and is projecting to close the sale by April 1, 2006.
"For over 20 years, the employees of John Deere Health Care have done an outstanding job serving their customers, including John Deere employees," said Robert W. Lane, chairman and chief executive officer of Deere & Company. "Now all can benefit from the advantages provided by a national health care insurer."
Deere has been in the managed health care business since creating the subsidiary in 1985. John Deere Health Care provides coverage for enrollees in Iowa, Illinois, Virginia and Tennessee.
Nominations sought for Checkoff Board
KANSAS CITY -- The National Pork Checkoff Board is accepting nominations to fill five, three-year terms as directors of the board. Candidates are also sought for two open seats on the Pork Checkoff Nominating Committee.
Nominees can be submitted by state pork producer associations, farm organizations and anyone who pays the Pork Checkoff.
Five positions are open for directors. The positions are currently held by Craig Christiansen, of Iowa; David Culbertson, Illinois; Mark Reding, Kentucky; Dennis Michael, South Dakota; and Diane Bettin, Minnesota.
The nominating committee will make recommendations at its annual meeting March 3-4 in Kansas City.
Opperman joins Stauffer Seeds in Carroll
CARROLL, Iowa -- Darci Opperman has been hired as an administrative assistant in Stauffer Seeds' Carroll office.
Opperman will work in customer service, distribution and other areas of the company's business.
Opperman was previously employed by Manning Municipal Utilities in Manning.
Jennings receives ASA award during meeting
MADISON, Wis. -- Vivan M. Jennings has received the 2005 American Society of Agronomy Monsanto Professional Certification Award presented during the recent ASA annual meetings held in conjunction with the Crop Science Society of America and Soil Science of America annual meetings.
Jennings is the CEO of Asoyia LLC, a farmer-owned Iowa company that produces a new trans-fat free soybean oil for the foodservice industry.
Prior to starting Asoyia, Jennings spent 31 years with the U.S. Department of Agriculture's Cooperative States Research, Education and Extension Service.
The Monsanto Professional Certification Service Award recognizes outstanding service to the many facets of the agricultural industry.
U.S. worker productivity increases
WASHINGTON -- The productivity of American workers shot up at the fastest pace in two years during the July-September quarter, helping to ease fears that inflation pressures were threatening to get out of hand.
The Labor Department reported Tuesday that productivity, the key component for rising living standards, rose at an annual rate of 4.7 percent during the summer, a big upward revision from the 4.1 percent initial estimate made a month ago. |
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