(Reuters) - Monsanto Co, the world's largest seed company, reported higher-than-expected quarterly earnings on Wednesday as its corn and soybean businesses expanded globally.
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)
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