ST. LOUIS (AP) — Monsanto's second-quarter earnings jumped 13 percent on strength from its core seeds and traits business.
The agriculture products company topped Wall Street expectations for both profit and revenue, sending shares higher Wednesday.
Monsanto earned $1.67 billion, or $3.15 per share, 7 cents better than what analysts polled by FactSet had projected. A year ago, the company earned $1.48 billion, or $2.73 per share.
The performance was particularly strong, given the slow start to a quarter in which winter storms delayed shipments.
Chairman and CEO Hugh Grant said that almost 80 percent of Monsanto's quarterly growth came from its core seeds and traits business.
Revenue climbed 7 percent to $5.83 billion, just edging out Wall Street projections.
The expansion of the company's global corn and soybean businesses drove sales throughout the most recent quarter.
Monsanto Co. has dominated the bioengineered-seed business for years and recently began expanding its footprint in emerging markets like Argentina, Brazil and parts of Asia.