Business News
Monsanto returns to the black on rising seed sales
Jan 6, 2011, 14:11 GMT
New York - Agro- and biotechnology giant Monsanto Co. reported Thursday that it returned to the black in the first quarter of the new business year on the strength of rising seed sales.
The St. Louis, Missouri-based concern reported net income of 6 million dollars in the September-November 2010 quarter, compared with losses of 19 million dollars in the same period a year earlier.
The earnings came on revenues of 1.8 billion dollars, up 8 per cent year-on-year, with the company citing higher seed sales, in addition to stronger sales of herbicides despite tougher business due to competition from generic products in the segment.
'Our first quarter tracked well with our operating plan across the crops, geographies and products we expect to be drivers in 2011,' said Hugh Grant, chairman, president and chief executive officer for Monsanto.
'Our early US order books show farmers are interested in our newest products,' he added.
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