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 This material may not be published, broadcast, rewritten or redistributed.

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