NEW YORK — Monsanto Co. said Wednesday that a strong and early U.S. seed selling season drove its fiscal second quarter net income up 19 percent. The U.S. agricultural giant raised its earnings outlook for the full year.
Monsanto, which produces genetically engineered seeds and the herbicide Roundup, earned $1.21 billion, or $2.24 per share, in the quarter that ended in February, compared with $1.02 billion, or $1.88 per share, a year earlier.
Revenue rose 15 percent to $4.75 billion from $4.13 billion.
Analysts had expected a profit of $2.11 per share on revenue of $4.53 billion, according to FactSet. Monsanto shares fell $1.22, or 1.5 percent, to close Wednesday at $80.58. The shares are up more than 15 percent on the year.
The second quarter is an important one for Monsanto because it sells its seeds ahead of the Northern Hemisphere’s planting season.
Sales of corn seeds and traits, by far the company’s biggest segment, rose 17 percent to $2.82 billion. Soybean seed and trait sales, its next largest segment, rose 12 percent to $698 million.
Monsanto Co., based in St. Louis, boosted its expectations for full-year adjusted earnings by 10 cents per share to a range of $3.49 to $3.54. Including all one-time gains and losses, it expects to report earnings per share of $3.45 to $3.50. Analysts, who tend to exclude one-time items from their estimates, currently expect $3.51 per share.
Business, Pages 26 on 04/05/2012