Monsanto 1st-qtr profit surges on seed sales; company brightens outlook for full fiscal year

Monsanto Co. said Thursday its fiscal first-quarter earnings soared on strength of its seed business. The company also brightened its outlook for the full fiscal year.

Its shares rose more than 5 percent in late morning trading.

Monsanto said its net income rose to $126 million, or 23 cents per share, for the three months ended Nov. 30. That’s up from $9 million, or 2 cents per share, a year earlier.

Revenue leaped 33 percent to $2.44 billion from $1.84 billion a year earlier. Monsanto said growth was driven by demand for corn throughout Latin America.

Sales in Monsanto’s seeds and genomics segment increased 32 percent to $1.5 billion, reflecting the strength in Latin America and some timing benefits from its Australian cotton business.

Read Full Article from Washington Post

- Posted: 2012-01-05 12:18:44

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