Due to continued growth of its global corn business and positive performance of its agricultural productivity segment, Monsanto saw its net income up in the second quarter of 2013 over 2012, US$1.483 million compared to $1.211 million, according to the company’s latest financial report. The company’s second half is also up over 2012, at $1.822 million compared to $1.337 million.
“Our performance underscores our expectation for a third consecutive year of strong earnings growth and reinforces our opportunities for the future, as well,” said Hugh Grant, chairman and CEO of Monsanto. The company has raised its full-year ongoing earnings per share guidance to $4.40–$4.50 on the strength of its results.
Monsanto 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.