Monsanto Company, the world's largest seed group, has announced an increase in yearly net income of 15 per cent for the second quarter of fiscal 2011, up to US$1bn (€691m) from the US$887m (€613m) recorded last year.
The group noted that solid sales through the period ended 28 February 2011, which grew year-on-year to US$4.1bn (€2.8bn) from US$3.9bn (€2.7bn), along with a disciplined approach to spending, had positioned the group to realise its earnings growth opportunity this year and set a strong foundation for coming seasons.
In the vegetable seed segment, net sales climbed from US$223m (€154m) to US$229m (€158m) through the second quarter, although gross profit fell to US$125m (€86m) from US$138m (€95m) in 2010.
'We came into this year with an operational plan built around creating value for our customers,' said Hugh Grant, chairman, president and CEO at Monsanto. 'It was a plan that was designed for balanced growth – across crops, across geographies and through a combination of mix and volume improvements.
'Given the tempo of the year, we are where we should be, and we have the right pieces and the right execution to feel very good that mid-teens earnings growth in 2011 is on track.' he added.
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