Monsanto this week announced increased sales and profits for the first half of its current fiscal year. Monsanto’s net sales for the second quarter increased to approximately $5.1 billion, up from $4.5 billion in the prior year period. Gross profit for the quarter also increased over the prior year to $3.0 billion versus $2.6 billion.
For the first six months, net sales increased to $7.7 billion, and gross profit was $4.2 billion, significantly outpacing the first half of fiscal year 2016. The company says the performance was driven in part by strong gross profit growth from its corn and soybean businesses.
For Roundup Ready 2 Xtend soybeans, Monsanto says it is expected to reach 18 million acres in the United States this year. A similar Monsanto product is anticipated to expand to 45 to 55 million acres in South America.
In referring to the Monsanto-Bayer merger, Monsanto CEO Hugh Grant said in a statement that Monsanto’s “innovation and unique platform advantages” position the company to meet future challenges and makes Monsanto an “attractive, complementary partner for Bayer.”