Monsanto posts $1.2 billion quarterly profit
Wednesday, April 04, 2012 10:31 AM
Monsanto Co. posted a higher-than-expected quarterly profit this morning and said early planting in the United States and a 15 percent jump in sales would boost its full-year outlook, Reuters reported. The company said it set a record for its seeds and genomics unit, driving net income for the second quarter to $1.2 billion from $1 billion a year before. Earnings per share from continuing operations were $2.28, up from $1.87 a year ago and above the $2.12 expected by analysts. Corn seed sales totaled $2.8 billion, up from $2.4 billion a year earlier. Soybean seed sales also grew, by 12 percent to $689 million. But cotton sales fell slightly, and vegetable seed sales dropped 6 percent.