Monsanto beats expectations with higher 1st-qtr profit

Wednesday, 8 Jan 2014 | 8:27 AM ET

Jan 8 (Reuters) - Monsanto Co, the world's largest seed company, reported better-than-expected first-quarter earnings on Wednesday as higher herbicide sales offset a decline in sales from its corn portfolio.

Monsanto, a developer of genetically engineered corn, soybeans and other crops, said it earned $373 million in the quarter ended Nov. 30, up from $349 million a year earlier.

The profit amounted to 67 cents a share from continuing operations, up from 62 cents a year ago. Analysts expected 64 cents a share, according to Thomson Reuters I/B/E/S.

On a net basis, the company earned 69 cents a share, up from 63 cents a year earlier.

Net sales rose to $3.14 billion from $2.94 billion a year ago.

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