ST. LOUIS (AP) — Monsanto, which is in the process of being bought by Bayer, reported better-than-expected results for its most recent quarter as sales of its corn and soybean seeds rose.
Last month, German medicine and farm chemical maker Bayer AG offered $57 billion to buy Monsanto, a St. Louis-based company that sells seeds to farmers and makes weed-killer Roundup. The deal is expected to close before the end of 2017.
Monsanto said Wednesday that sales of sales of soybean seeds jumped 54 percent in its fiscal fourth quarter from the same period a year ago and corn seeds rose 34 percent.
The company reported a loss of $191 million, or 44 cents per share, in the quarter, compared to a loss of $495 million, or $1.06 per share, in the same quarter a year ago.
Earnings, adjusted for one-time gains and costs, were 7 cents per share, exceeding Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 2 cents per share.
Revenue rose 9 percent to $2.56 billion in the period, above the $2.4 billion that analysts expected, according to FactSet.
Monsanto expects full-year adjusted earnings in the range of $4.50 to $4.90 per share for the current year. Analysts expect earnings of $4.88 per share, according to FactSet.
Shares of Monsanto Co. rose 92 cents to $102.53 in afternoon trading Wednesday.