Favorable Tax Rate Lifts Monsanto’s Earnings

Monsanto reported net income for its fiscal first quarter ended November 30, 2006 of $90 million (16 cts/share), up 53% over the year-ago quarter, and beating analysts’ estimates of 10 cts/share. The upside is attributed to a favorable tax rate for the quarter of 10.3%; analysts’ had estimate 30.5%. Sales for the quarter increased 10%, to $1.54 billion. Monsanto’s seed and traits business posted sales for the quarter of $680 million, up 3.7% over the year-ago quarter. The company cites strong corn seed and traits sales, which increased 35% over...

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