Monsanto posts 42 percent rise in 3rd-quarter profit on jump in demand for products
ST. LOUIS (AP) -- Agricultural chemicals maker Monsanto Co. says fiscal third-quarter profit surged 42 percent on broad-based 26 percent rise in sales.
The St. Louis-based company said Wednesday it earned $811 million, or $1.45 per share, in the three months ended May 31. That is up from $570 million, or $1.03 per share, for the same quarter in 2007.
The company says its sales jumped to $3.59 billion from $2.84 billion in the year-ago period.
Analysts polled by Thomson Financial expected profit of $1.34 per share on $3.71 billion in revenue. The earnings estimates typically exclude one-time items.
Monsanto also boosted full-year guidance, saying it expects a profit of about $3.40 a share excluding discontinued operations and one-time charges.
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