DuPont, Monsanto Profit Pictures Bright
15 January 2008 Agricultural products are fueling profit increases for DuPont and Monsanto, as both companies reported strong performances in seed and crop protection products despite an uncertain domestic economy.
According to an article in The Guardian, DuPont raised its 2008 earnings forecast which sent its shares up 10%, and had fourth quarter results which helped to boost its 2007 profit growth to 11% or more.
DuPont Chief Executive Charles Holliday said he expected the weak U.S. housing market to stay down in 2008, but pointed to growth in the seed and agricultural chemicals business internationally. The seed and agrochemical division makes up 23% of DuPont’s revenues.
Similarly, Monsanto’s profit increase in the first quarter was nearly triple the period last year, at US $256 million. Driven by corn seed and herbicides, its sales were up 36% to US $2.1 billion.
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