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Monsanto 1st-qtr profit surges on seed sales; company brightens outlook for full fiscal year
ST. LOUIS (AP) ' Monsanto says 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 3.4 percent to $75.13 21 in morning trading.
Monsanto Co. said Thursday 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 rose to $2.44 billion from $1.84 billion a year earlier.
FactSet says analysts expected earnings of 16 cents per share on revenue of $2.05 billion.
For all of fiscal 2012, the St. Louis company expects earnings per share of between $3.39 and $3.44, which is at the high end of its previous expectation of a growth percentage in the "mid-teens." Analysts expect earnings of $3.47 per share.