Monsanto Profit Falls Less Than Estimated on Seeds

Monsanto Co., the world’s largest seed company, said fiscal third-quarter profit fell less than analysts estimated as U.S. growers planted more genetically modified crops.

Net income in the three months through May declined 45 percent to $384 million, or 70 cents a share, from $694 million, or $1.25, a year earlier, St. Louis-based Monsanto said today in a statement. Per-share profit excluding some items was 81 cents, topping the 79-cent average estimate of 13 analysts surveyed by Bloomberg. Sales fell 6.3 percent to $2.96 billion.

Chief Executive Officer Hugh Grant increased sales of cotton and soybean seeds, helping to make up for price cuts in Roundup, the world’s best-selling herbicide. Third-quarter sales from all seeds and genetic licenses gained 5.1 percent, Monsanto said.

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- Posted: 2010-06-30 09:36:27

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