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 This material may not be published, broadcast, rewritten or redistributed.