Monsanto does it again!

This morning, Monsanto (MON), one of my favorite Blue Chip Growth stocks, reported blow-out earnings for its fiscal third quarter, which ended in May. The company earned $1.45 a share which was 11 cents more than Wall Street's consensus. Net income rose by 42%.

Revenues rose 26% to nearly $3.6 billion, which was slightly below expectations. Most importantly, Monsanto raised its guidance for fiscal 2008. The company now sees earnings coming in around $3.40 a share compared with its earlier guidance of $3.15 to $3.25 a share. This is the fourth time Monsanto has raised its earnings guidance this year.

The stock is trading lower so far, but I'm hardly worried. Shares of MON hit a new high just last week so some consolidation can be expected. Since I first added Monsanto to the Blue Chip Growth Buy List three years ago, the stock is up an amazing 370%!

I currently rate Monsanto a strong buy up to $148 a share.