The world’s biggest seed company says corn seed revenue jumped 7 percent. The company is rolling out more expensive brands of genetically altered corn seeds, and competing fiercely for market share against seed developers like DuPont.
The St. Louis company reported its net income rose to $1.02 billion, or $1.88 per share, for the quarter ended Feb. 28 compared with $887 million, or $1.60 a share, a year ago.
Revenue increased 6.2 percent to $4.13 billion from $3.89 billion. That included $2.4 billion in corn seed revenue.
Second quarter results are critical for Monsanto, because they cover a period when the company books its seed sales to farmers. Analysts had questioned whether Monsanto would be able to convince farmers to pony up more money for strains of corn seed that had several genetically altered traits. Competitors like DuPont’s Pioneer Hi-Bred have been trying to steal away customers, in part by lowering prices.