Photo: Food Inc.
Monsanto, one of the world’s largest producers of agriculture products, reported better-than-expected third quarter results this morning, saying 2012 was shaping up to be a strong year for the firm.The company reported earnings per share of $1.63, two cents ahead of the Street’s expectations, on top line results of $4.2 billion.
Sales improved 17 per cent compared to the year-ago period on strong unit volume growth in Monsanto’s seeds and traits units. The St. Louis based company also saw better-than-expected results in its chemistry business.
“We’ve achieved excellent business results this year, but more importantly we’ve continued to receive positive response to our products from farmers,” Monsanto’s Chief Executive Hugh Grant said.
Monsanto also re-affirmed earlier guidance in the range of $3.65 to $3.70 per share
Shares are up 2 per cent in pre-market trade.