Share of Monsanto Co. the top seed maker in the world, rose on Wednesday after the company reported that its first-quarter profit more than doubled and also said it raised its full-year forecast.
Monsanto shares climbed $10.46 or 14 percent to $83.68 in midday trading in the New York stock Exchange today. By 2:46 p.m. shares were trading at $85.63 each.
The seed maker said it earned $556 million or $1 per share on its fiscal first-quarter profit on higher sales to Latin America and increased sales of weed-killer for Brazil and corn seeds. That amounts compares with $256 million in the same period last year.
Monsanto also reported its profit excluding discontinued operations was 98 cents a share, surpassing 60 cents analysts predicted, according to Bloomberg.
Monsanto's forecast, which was previously $4.20 to $4.40 is now expected to be between $4.40 to $4.50 per share in fiscal 2009.