Monsanto Profits Soar

NEW YORK (AP) — Monsanto says its fiscal third-quarter net income soared 35 percent as its seeds and traits business benefited from a mild winter that drove farmers to plant crops earlier and in large numbers.

The U.S. agricultural giant also maintained its full-year earnings forecast after boosting it last month.

The St. Louis company, which produces genetically engineered seeds and the herbicide Roundup, earned $937 million, or $1.74 per share, in the quarter ended in May. That’s compared with $692 million, or $1.28 per share, a year earlier.

Revenue rose 17 percent to $4.22 billion.

Its adjusted profit of $1.63 per share topped analysts’ expectations of $1.55 per share on revenue of $3.97 billion, according to FactSet.

Monsanto Co. confirmed its adjusted profit forecast of $3.65 to $3.70 per share the fiscal year.

© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

blog comments powered by Disqus
Listen Now
Thanksgiving Guide
Make Your Picks!

Listen Live