WASHINGTON -- Monsanto says its net income increased 22 percent in the second quarter on strong sales of its biotech seeds.
The agricultural products company boosted its full-year earnings guidance, citing its strong performance in the first two quarters.
The St. Louis company says it earned $1.48 billion, or $2.74 per share in the three months ended Feb. 13. That compares to earnings of $1.21 billion, or $2.24 per share, a year ago.
Revenue climbed 15 percent to $5.47 billion.
Analysts polled by FactSet expected Monsanto to report earnings of $2.56 per share on sales of $5.27 billion in revenue for the quarter.
Monsanto has dominated the bioengineered-seed business for more than a decade. In recent years the company has focused on growing business in emerging markets like Argentina, Brazil and other Latin American countries.