Monsanto Company saw $339 million in net income in the first quarter of its fiscal year 2013, up over the $126 million in the same period of 2012, reflecting contributions from the continued expansion of its Latin American corn business, early momentum in its U.S. seeds and traits business and performance of its agricultural productivity segment, according to the company.
Net sales for corn seeds and traits showed an upswing where other categories showed slight downturns; $1.139 billion in the first quarter of 2013 compared to 2012's $895 million. "We've achieved a successful start to the year, with contributions from multiple areas that speak to the strength of our global business and provide confidence in our ability to realize a third consecutive year of significant growth," said Hugh Grant, chairman and CEO for Monsanto. "The momentum in our business is also seen in our record research and development progress. Through continued innovation in our integrated yield pipeline, we remain committed to delivering cutting-edge solutions that will bring additional value to our customers."
Monsanto said it expects full-year 2013 earnings per share guidance on an as-reported basis in the range of $4.31 to $4.41 per share. The company also expects net cash provided by operating activities to be $2.9 billion to $3.3 billion, and net cash required by investing activities to be $1.1 billion to $1.3 billion for fiscal year 2013.