Monsanto fiscal Q3 net income rises 77% to $680m, sales up 21%

29 June 2011 14:25  [Source: ICIS news]

HOUSTON (ICIS)--Monsanto’s fiscal third-quarter net income rose 77% year on year to $680m (€476m) on the back of a strong seeds and traits business in the Americas and cost cuts, the US-based agrochemicals major said on Wednesday.

Monsanto’s sales for the three months ended 31 May were $3.59bn, up 21% from $2.96bn in the same period a year ago.

Gross profit rose 41% to reach almost $2bn. The gross profit margin improved to 54% in the third quarter, from 47% in the year-earlier period.

“We … achieved what we set out to achieve: unit volume growth in our core crops, a successful implementation of our agricultural productivity strategy and sustained cost-discipline across our operations,” said CEO Hugh Grant.

“That positions us well for the coming years and the mid-teens earnings growth opportunity we see for this company," he added.

($1 = €0.70)

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By: Stefan Baumgarten
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