Monsanto 1Q profit climbs on biotech soybeans

Monsanto first-quarter profit grows 8.6 percent on sales of new insect-repelling soybeans

Monsanto 1Q profit climbs on biotech soybeans

WASHINGTON (AP) -- Monsanto's earnings rose 8.6 percent in the agriculture products company's first fiscal quarter on higher sales of its insect-repelling soybean seeds.

The U.S.-based company says it earned $368 million, or 69 cents per share, in the three months ended Nov. 30. That compares to earnings of $339 million, or 63 cents per share, in the same quarter a year ago. Revenue climbed 7 percent to $3.1 billion.

Analysts polled by FactSet expected earnings of 64 cents per share on sales of $3.06 billion in revenue for the quarter.

Monsanto has dominated the bioengineered-seed business for more than a decade. Recently the company has focused its business on emerging markets like Argentina, Brazil and parts of Asia.

Updated : 2021-01-23 10:11 GMT+08:00