Monsanto posts $680 million profit in 3rd quarter
ST. LOUIS (AP) — Monsanto Co. says higher sales of genetically engineered seeds helped it nearly double its third-quarter profit.
The St. Louis company reported Wednesday its net income rose to $680 million, or $1.26 per share, for the quarter ended May 31, compared with $384 million, or 70 cents a share, a year ago.
It says revenue increased 21 percent to $3.59 billion.
Analysts surveyed by FactSet had expected net income of $1.10 per share on revenue of $3.4 billion.
The fiscal third quarter includes Monsanto's prime sales season for genetically altered seeds. Total seeds and traits revenue rose to $2.65 billion from $2.36 billion last year.
The company raised its 2011 outlook for ongoing earnings per share to between $2.84 and $2.88.
Shares of Monsanto rose nearly 3 percent in premarket trading.