Monsanto Income Triples Due To Biotech Corn Expansion
Monsanto says its net income nearly tripled in the agricultural products company's first quarter as sales of its biotech corn seeds expanded in Latin American countries.
The company, which is based in St. Louis, is also raising its profit guidance for the year, and shares are up 4 percent in premarket trading. Monsanto said Tuesday that it earned $339 million, or 63 cents per share, in the three months ended November 30, from $126 million, or 23 cents per share, in last year's quarter.
Revenue climbed 21 percent to $2.9 billion. Analysts polled by FactSet expected Monsanto to report earnings of 36 cents per share on revenue of $2.6 billion.
Monsanto has said it expects international sales to account for half of its growth in seeds for fiscal 2013.