January 8, 2009

Monsanto's first quarter profit more than doubled on higher sales to Latin America, and has raised its expectations for the year.

St. Louis-based Monsanto has earned US$556 million in the quarter that ended November 30, up from US$256 million a year ago.

Revenue jumped 29 percent to US$2.65 billion from US$2.05 billion, as sales of Roundup and other herbicides and corn seeds and traits increased more than 30 percent each.

Monsanto said there was strong Brazilian demand for weed killers, and total herbicide sales grew 35 percent to US$1.36 billion. Revenue from the company's agricultural productivity unit rose 28 percent to US$1.55 billion.

Total seeds and genomics sales increased 31 percent to US$1.1 billion, including a 34-percent growth in corn seed and trait sales. Rising demand from the US and Brazil boosted those sales to US$628 million, Monsanto said.

Soy seed and trait sales grew 31 percent to US$212 million due to demand from early growers in the US, said Monsanto.

Monsanto now forecasts and adjusted profit of US$4.40 to US$4.50 per share in fiscal 2009, up from US$4.20-4.40 per share.