Monsanto profit up 23% on corn seed demand
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Monsanto Co., the world’s largest seed company, said a booming market for corn-based ethanol had fueled its corn seed sales and boosted profit 23% in its fiscal second quarter.
Net income in the quarter ended Feb. 28 grew to $543 million, or 98 cents a share, from $440 million, or 80 cents, in the year-earlier period.
Sales climbed 19% to $2.62 billion from $2.2 billion a year earlier on stronger sales of seeds in the U.S. and herbicide sales in Brazil, Europe, Africa and Argentina.
Shares of St. Louis-based Monsanto rose $1.79 to $57.79.
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