06 April 2011 14:06 [Source: ICIS news]
TORONTO (ICIS)--Monsanto reported fiscal 2011 second-quarter net income up almost 15% year on year to $1.02bn (€714m) as volumes in its seeds and agricultural segments grew while operating expenses rose only moderately, the US-based agrochemicals major said on Wednesday.
Net sales for the three months ended 28 February rose 6% to $4.13bn.
Gross profit rose 10% to $2.31bn as margins improved because of “a disciplined approach to spending,” the company said.
Monsanto’s second-quarter gross profit as a percentage of sales was 56%, compared with 54% in the same quarter a year ago.
CEO Hugh Grant said Monsanto succeeded in implementing its plan for balanced growth across crops and geographies, and through a combination of mix and volume improvements.
The company affirmed its previous earnings per share guidance from ongoing business of $2.72 to $2.82 for the full 12 months of fiscal 2011.
($1 = €0.70)For more on Monsanto visit ICIS company intelligence
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