Monsanto profit growth
Monsanto said contributions from the continued expansion of its Latin American maize seed business, early momentum in its US seed sales, and traits business and performance of its agricultural productivity segment all helped to boost its net sales for the first quarter of the 2013 financial year by 21% to US$2.9 billion (€2.2bn). Gross profit increased by 27% compared with the prior year quarter to $1.4bn, while net income soared to $339m from $126m. Sales for the company’s seeds and genomics segment rose by 14% in the first quarter to $1.8bn, driven by maize seeds and traits. The latter generated $1.1bn of segment sales (+27%) thanks in part to strong momentum in Brazil, Argentina and Mexico. The agricultural productivity segment, which includes crop protection and lawn-and-garden herbicides, saw net sales increase by 31% to $1.2bn.