Monsanto Co reported a 6 percent drop in quarterly profit on Wednesday, but shares jumped more than 5 percent as the world's largest seed company beat forecasts, improved its near-term outlook and said it planned to double earnings over the next five years.The company, known for its genetically engineered corn, soybeans and other crops as well as the popular Roundup herbicide, also announced authorization of a $10 billion share repurchase and cited strong progress on a new farm data business platform.Monsanto said that although earnings for the third quarter ended May 31 were down in the face of challenging market conditions, the overall outlook was bright."We're on track for seeds and traits to drive a majority of our full year growth," said Chairman Hugh Grant. "That performance in a more challenging agricultural environment speaks to the breadth and customer value of our product portfolio."
Monsanto Company (Monsanto) along with its subsidiaries, is a provider of agricultural products for farmers. Shares of MON traded higher by 5.16% or $6.22/share to $126.85. In the past year, the shares have traded as low as $94.00 and as high as $123.99. On average, 2633390 shares of MON exchange hands on a given day and today's volume is recorded at 8405388.
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