Monsanto Co. (NYSE:MON) saw its shares gain in pre-market trading as it reported surprise growth in its fourth-quarter profit and sales.
The agriculture products group said its net income for the quarter to August 31 was US$20mln, or 10 US cents, a turnaround from a loss of US$191mln, or 44 US cents a share a year earlier.
Excluding non-recurring items, Monsanto’s adjusted earnings per share were 20 US cents, much better than the consensus forecast for a loss of 41 US cents per share.
The NYSE-listed firm saw its revenue increase to US$2.69bn, up from US$2.56bn a year earlier, and above consensus expectations for a decline to US$2.50bn.
Monsanto said its sales of its corn seed and traits rose by 16% to US$928mln, while soybean seed and traits sales increased by 22% to US$304mln.
Given the US group’s pending merger with German firm Bayer AG, which is expected to close in early 2018, the company said it would not provide fiscal 2018 guidance.
In pre-market trading, Monsanto shares were up 0.8% at US$120.66.