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Monsanto 2nd-qtr profit driven by strong and early US seed selling season and Latin Am. growth
NEW YORK (AP) ' Monsanto says a strong and early U.S. seed selling season drove its fiscal second quarter net income up 19 percent. The U.S. agricultural giant raised its earnings outlook for the full year.
Monsanto said Wednesday it earned $1.21 billion or $2.24 per share in the quarter ended in February, compared with $1.02 billion, or $1.88 per share, a year earlier. Increased corn seed sales in Latin America also boosted results.
Revenue rose 15 percent to $4.75 billion from $4.13 billion. Analysts were expecting a profit of $2.11 per share on revenue of $4.53 billion.
Monsanto Co. boosted its expectations for full-year adjusted earnings by 10 cents per share to a range of $3.49 to $3.54. Analysts expect $3.51 per share.