Monsanto Co., the world’s largest seed company, reported a 13 percent increase in profit during the fiscal second quarter, due in part to growth in genomics and record sales in its global soybean business.
The St. Louis-based company reported on Wednesday a net income of $1.67 billion from December through February, compared with $1.48 billion during the previous second quarter. Revenue for the first half of Monsanto’s fiscal year is up $8.98 million, or 7 percent, from the previous period.
Diluted earnings per share grew 15 percent to $3.15, up from $2.74 in the second quarter that ended in 2013.
Despite growing controversy over genetically modified organisms, or GMO, Monsanto said nearly 80 percent of its gross profit growth comes from from its seeds and genomics business.
Monsanto increased its profit margin on corn by 2.5 percent in the second quarter and has expanded its markets in Latin America and Eastern Europe.
Soybean profit margins were up 7 percent in the second quarter. A new seed, Intacta RR2 Pro, was distributed in Latin America and has been planted on three million acres. The agriculture company said growth is expected to continue due to global expansion and increased seed productivity.
Monsanto is the 20th largest employer in Missouri, and has 22,000 employees worldwide. The company recently expanded in Chesterfield at the cost of $400 million and created 675 jobs.
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