June 29, 2011
Monsanto Co. (MON), the world’s largest seed company, raised its full-year profit forecast and posted third-quarter earnings that topped analysts’ estimates on higher sales of Roundup weed killer and genetically modified seeds.
Net income climbed 77 percent to $680 million, or $1.26 a share, in the three months through May 31, from $384 million, or 70 cents, a year earlier, St. Louis-based Monsanto said today in a statement. That beat the $1.10 average estimate of 17 analysts in a Bloomberg survey.
Profit excluding some items will rise to $2.84 to $2.88 a share in the fiscal year through August, compared with a previous prediction of $2.72 to $2.82. The average estimate of 20 analysts surveyed by Bloomberg was $2.82. Monsanto also said the Securities and Exchange Commission is investigating customer incentives for Roundup.