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The agricultural solutions provider, Monsanto Company (MON - Analyst Report) recently enhanced its outlook for fiscal 2013 as well as fiscal 2014, on the back of significant growth in the core business.

Monsanto’s Chairman, President and CEO, Mr. Hugh Grant made the announcement at the Sanford Bernstein 29th Annual Strategic Decisions Conference, held on May 29, 2013. According to Mr. Grant, Monsanto is likely to benefit from the continued growth trend experienced in the first half of the ongoing fiscal.

In the fiscal second quarter 2013 earnings, announced on Apr 3, Monsanto projected its ongoing earnings per share of $4.40-$4.50 and $4.42-$4.52 on an as-reported basis for fiscal 2013. However, it has now increased its outlook to $4.50-$4.55 per share on an ongoing basis as well as $4.52-$4.57 on an as-reported basis for the same period.

The earnings per share growth for fiscal 2013 is now estimated to be 20.0% higher than the year ago. Also, third quarter of fiscal 2013 is expected to generate earnings in the range of $1.55-$1.60 per share. Loss expectations for fiscal fourth quarter 2013 are also trimmed down.

Monsanto’s Agricultural Productivity segment experienced a year-over-year revenue rise of 36.7% in the fiscal second quarter of 2013. It is expected that this segment will continue to benefit the company and increase the total revenue generation in fiscal 2013 and beyond.

The Roundup Ready business of the company is flourishing and mid-teens sales growth in Monsanto’s cotton platform this year is also expected. Corn business in Latin America is thriving and Monsanto is expanding in other regions like Brazil, North America and Eastern Europe.

Monsanto is due to release its fiscal third quarter 2013 results on Jun 26, 2013, with a Zacks Consensus Estimate of $1.70 per share. The stock currently carries a Zacks Rank #2 (Buy). Other stocks worth a look in the chemicals industry are American Vanguard Corp. (AVD - Snapshot Report) and OM Group Inc. (OMG - Snapshot Report); each carrying a Zacks Rank #1 (Strong Buy), while, Ferro Corp. (FOE - Snapshot Report) carries a Zacks Rank #2 (Buy).

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