Monsanto posts higher than expected Q1 profits on corn sales

MONSANTO Co, the world’s largest seed company, posted higher first-quarter profit than analysts estimated after genetically modified corn and soyabean sales rose.

Net income was $6 million (€4.49m), or 1 cent a share, in the three months ended November 30, compared with a net loss of $19 million, or 3 cents, a year earlier, St Louis-based Monsanto said in a statement. Per-share earnings excluding restructuring costs were 2 cents, topping the 1-cent average estimate of 14 analysts in a Bloomberg survey.

Sales rose 7.8% to $1.83 billion from $1.7 billion.