Monsanto, the seed company, posted better-than-expected fiscal first-quarter earnings and revenue, helped by sales of its newest soybean variety that’s genetically modified to withstand pests in South America.

Profit excluding one-time items was 47 cents a share in the three months to the end of November, Monsanto said on Wednesday , beating the 35-cent average of 20 analysts’ estimates compiled by Bloomberg.

Revenue fell to $2.87 billion from $3.14 billion, exceeding the $2.8 billion average estimate. Monsanto forecast sales of its new Intacta soybeans will now more than quadruple in the current fiscal year, exceeding a previous target of as much as 12 million acres.

“Intacta was obviously a big benefit in soybeans because they exceeded expectations there,” Chris Shaw, a New York-based analyst at Monness Crespi Hardt , who has a hold rating on the shares, said .

The shares rose 0.2 per cent to $115.97 in early trading in New York.

First-quarter net income fell to 50 cents a share from 69 cents a year earlier. Intacta sales helped the company post a 48 per cent increase in soybean-seed revenue in the first quarter, while corn-seed sales fell 12 per cent. Monsanto, led by chairman and chief executive officer Hugh Grant, reiterated its forecast for full-year earnings excluding one-time items of $5.75 to $6 a share.

– Bloomberg