Iowa Public Television

 

Biotech Company's Profits Increase 600 Percent

posted on June 30, 2006


Monsanto Co., the world's biggest biotech seed company, reported this week that third-quarter profits jumped six-fold as sales across both its seed and agricultural chemical segments increased. Net income rose more than 600 percent to $334 million, or $1.21 per share, from $47 million, or 17 cents per share, during the same period last year. Profits saw such a boost because last year Monsanto spent $254 million during the third quarter on acquiring new companies, including the vegetable seed firm Seminis Inc. Without that cost last year, net income would have been $301 million, about 11 percent below this year's figure. Wall Street investors seemed happy with the results. Monsanto shares rose $3.58 a share – nearly 5 percent – to $80.22 following release of the report.


Tags: agriculture biotechnology genetic engineering news