Monsanto, the world’s largest seed producer, brushed off the gloom in the corporate world on Wednesday as it said first-quarter profits had more than doubled and lifted its earnings outlook for the full year on the back of continuing strong demand in South America.
The company said its net income for the three months to the end of November – its fiscal first quarter – rose to $556m or $1 a share from $256m or 46 cents a share, in the same period a year ago. Excluding extraordinary items, Monsanto earned 98 cents a share, up from 45 cents in the previous year and well ahead of analysts’ expectations of about 59 cents.
