Monsanto profits exceed expectations
Wednesday, June 27, 2012 10:14 AM
The biggest corn crop in 75 years has made it a great year for Monsanto Co.
The producer of genetically modified seeds posted third-quarter profits that exceeded the expectations of analysts and generated a net income of $937 million, up 35 percent from a year earlier.
In the next year, Monsanto plans to continue to expand to Latin America and Eastern Europe. Sales of insect-resistant seed are expected to increase in Brazil and Argentina in 2013, according to Bloomberg.
Monsanto's seed sales and genetic licenses were up 35 percent in the third quarter.
This year, the company has added 1 million acres to its reach in corn and 10 million acres in soybeans, according to Bloomberg.