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Today's Top News
Monsanto Cashes in on Ongoing Drought
As farmers continue to struggle, GMO giant reports higher than expected earnings
As ongoing drought continues to rampage through America's heartland, genetically modified seed giant Monsanto is cashing in.
Monsanto announced a 22 percent jump in quarterly earnings, the Financial Times reported Tuesday, as farmers—who continue to struggle with withered fields and lost crops—are reportedly buying up the company's alleged "high-yielding seeds."
The company reported net income of $1.48bn, or $2.74 per share, in the three months to February 28, its crucial second quarter which includes the beginning of the North American planting season and accounts for half of its annual profits. That was up from $1.21bn, or $2.24 per share, during the same period last year.
Also this quarter, sales for their high-yielding seeds were up 10.8 per cent to $4.35bn, from $3.92bn during the same period last year.
As the drought persists, so shall the profiteering. During the first quarter, as the effects of the drought began to show, the company reported earnings up a full 170 percent from the previous year.
Monsanto has also sought other means of capitalizing on global warming-induced drought including the marketing of genetically modified, "drought tolerant" seeds which scientists have found to be less effective than simply improved farming practices, despite the company's claims.