Monsanto quarterly profit drops, but sales still climbing
June 26 (Reuters) - Monsanto Co said on Wednesday that its quarterly profit fell, but sales remained on an upswing, and the world's largest seed company affirmed an outlook of more than 20 percent growth in ongoing earnings for the year.
Monsanto, a leading developer of genetically engineered corn, soybeans and other crops, said it was on track to achieve sales of record corn seed volume for the third consecutive year as it expands its sales of corn seeds and genetic traits in Latin America.
The company earned $909 million, or $1.68 a share, in the third quarter ended on May 31 on sales of $4.25 billion. That compared with a year-earlier profit of $937 million, or $1.74 a share, on sales of $4.22 billion.
Ongoing earnings, which exclude certain after-tax items, were $1.66 a share, up from $1.63 a year earlier. Analysts on average were expecting $1.60, according to Thomson Reuters I/B/E/S.