I'm surprised Dew hasn't already posted this news. Stock up about $2.
Monsanto Co.'s MON +2.52% fiscal third-quarter profit jumped 35% as the world's largest seed company reported sales growth in its core seeds business, driven by its corn and soybean portfolios as well as strong performances in international markets.
The agricultural biotech giant has recently seen boosts in its seed business, which has grown in importance as Monsanto reduces its focus on weed killer offerings amid competition from generic products, especially those from China.
Earlier this month, the company said it plans to invest $355 million to build a new corn-seed-production plant in Argentina.
The company is looking to the South American country, along with Brazil and Central and Eastern Europe, to drive growth during the next several years.
Monsanto said an increase in planted acres of corn in the U.S. helped boost seed sales volume for the quarter, complemented by strong growth in its international markets.
For the quarter ended May 31, Monsanto reported a profit of $937 million, or $1.74 a share, up from a year-earlier profit of $692 million, or $1.28 a share. Excluding the resolution of a tax matter, per-share earnings rose to $1.63 from $1.28 a year earlier. The company in May forecast a profit of $1.57 to $1.62.
Net sales rose 17% to $4.22 billion, while analysts surveyed by Thomson Reuters predicted revenue of $4 billion.
Monsanto's seed business—the company's biggest top-line contributor—saw an 18% increase in sales to $3.13 billion. The segment's growth was led by its corn and soybean portfolios.
The company confirmed its per-share earnings guidance for fiscal 2013.
