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.
Monsanto says its fiscal third-quarter net income soared 35 percent as its seeds and traits business benefited from a mild winter that drove farmers to plant crops earlier and in large numbers.
The U.S. agricultural giant also maintained its full-year earnings forecast after boosting it last month.
The St. Louis company, which produces genetically engineered seeds and the herbicide Roundup, earned $937 million, or $1.74 per share, in the quarter ended in May. That's compared with $692 million, or $1.28 per share, a year earlier.
St. Louis to demolish plywood shacks near Mississippi River
Demolition will begin Friday at a row of plywood shacks near the Mississippi River in St. Louis where 10 homeless people have been evacuated.
It is the first of three riverfront encampments the city ordered shut down. St. Louis Human Services Director Bill Siedhoff has said that he hopes to have all three encampments cleared out by May 18 after reports of violent crime and rat infestation.
OK, so this story is about weeds and weedkillers, neither of which is ever the hero of a story, but stay with me for a second: It's also about plants with superpowers.
Unless you grow cotton, corn or soybeans for a living, it's hard to appreciate just how amazing and wonderful it seemed, 15 years ago, when Roundup-tolerant crops hit the market. I've seen crusty farmers turn giddy just talking about it.
Originally published on Tue February 28, 2012 10:37 am
A New York federal court today dismissed a lawsuit against agribusiness giant Monsanto brought by thousands of certified organic farmers. The farmers hoped the suit would protect them against infringing on the company's crop patents in the future.
The Organic Seed Growers and Trade Association and several other growers and organizations do not use Monsanto seeds. But they were betting that the judge would agree that Monsanto should not be allowed to sue them if pollen from the company's patented crops happened to drift into their fields.