03 April 2013 14:22 [Source: ICIS news]
HOUSTON (ICIS)--Monsanto’s fiscal 2013 second-quarter net income rose 22% year on year to $1.48bn (€1.15bn) as sales rose 15%, the US-based international seeds and agrochemicals major said on Wednesday.
Monsanto’s net sales for the three months ended 28 February rose $724m to $5.5bn, partly driven by 16% sales growth in its global corn business, the company said.
Second-quarter gross profit was $3.07bn, up from $2.71bn for the same period a year ago.
Monsanto said that the year-on-year improvement in profits and sales was driven by contributions from across its business portfolio, including the continued growth of its global corn business and the positive performance of its agricultural productivity segment.
“We've achieved momentum in our business and strong results across our global portfolio,” said CEO Hugh Grant.
“Our performance underscores our expectation for a third consecutive year of strong earnings growth and reinforces our opportunities for the future as well,” Grant added.
The company raised its full-year ongoing earnings-per-share (EPS) guidance to $4.40-4.50 per share, up from previous guidance of $4.30-$4.40.
($1 = €0.78)
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