Monsanto profit beats view, corn seed sales jump |
| Reuters - Jun 27, 2012 |
Global agribusiness group Monsanto Co posted higher-than-expected quarterly profit on Wednesday as net revenue grew 17 percent on gains in sales of seeds and genetic traits and surprising strength in herbicides.
Shares rose more than 4 percent after the company said it saw ongoing strong growth momentum and reported sales of corn seed and genetic traits jumped 35 percent in the third quarter.
"Corn is the story," said Jeff Windau, analyst for Edward Jones. But there is positive momentum in the whole ag sector right now."
Monsanto said its sales overall totaled 4.2 billion for the quarter ended May 31, including a rise in soybean sales of roughly 15 percent and gains in chemical products of 16 percent.
Monsanto posted quarterly earnings of $1.63 a share on an ongoing basis that excludes one-time items, better than the $1.60 expected by analysts, and up from $1.28 a year earlier.
On a net basis, the company earned $1.74 per share, versus $1.28 a year earlier. Net income totaled $937 million for the quarter, up 35 percent.
Read Full Article from Reuters
- Posted: 2012-06-27 14:41:25
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