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In a press release, the company said that, to drive its mid-term growth, it's focusing on managing the decline of the Roundup business to stabilization; accelerating growth in the seeds and traits business; leveraging its pipeline and technology leadership; setting achievable financial targets and delivering on them; and implementing cost actions quickly.

For fiscal 2004, the company expects to generate $1.2 billion in gross profit for the seeds and traits business, accentuating the continuing growth in that sector.

The company expects free cash flow for calendar 2003 to be closer to the high end of its $50 million to $100 million guidance. Guidance for free cash flow in fiscal 2004 remains the same, expected to be in the range of $350 million to $ 400 million. The company's share earnings guidance for fiscal 2004 is in the range of $1.40 to $1.50, excluding the effect of previously announced restructuring actions, it noted.