Monsanto beats expectations as profit climbs

MONSANTO (MON.NY) which specializes in developing genetically engineered crops that withstand herbicides and ward off insects, said it had earned $1.67 billion, or $3.15 a share, in the second quarter ended February 28, up from $1.48 billion, or $2.74 a share, a year earlier.

Analysts on average were expecting $3.07 a share, according to Thomson Reuters I/B/E/S.

Net sales rose to $5.8 billion from $5.5 billion, in line with analysts' expectations.

Shares of Monsanto were up 0.7 percent at $114.56 in trading before the market opened.

Sales of corn seed and traits rose 4 percent to $3.4 billion, while sales of soybean seeds and traits rose 21 percent to $820 million. Sales of vegetable seeds rose 10 percent to $219 million, while sales of cotton fell 18 percent to $49 million.

Overall, sales in Monsanto's seeds and genomics segment totaled $4.6 billion in the quarter, up almost 7 percent from a year earlier. The company's agricultural productivity segment, which includes the Roundup herbicide business, contributed $1.2 billion, up from $1.1 billion.

The company affirmed its fiscal 2014 forecast for earnings per share of $5.00 to $5.20 on an ongoing basis and $5.02 to $5.22 on a net basis.

(Reporting by Carey Gillam in Kansas City; Editing by Lisa Von Ahn)