US seeds and agrochemicals company Monsanto today reported a better than expected quarterly profit, helped by strong demand for its soybean and corn seeds.
The company is in the process of being bought by Germany's Bayer for $66 billion.
The world's largest seed supplier said sales of corn seeds and traits rose 8%.
Sales of soybean seeds and traits jumped 10.2% in the second quarter ended February 28, as farmers in the US prepare to plant the largest combined corn and soybean acres on record.
Monsanto agreed in September to a $128-per-share buyout offer from Bayer that, if approved by regulators, would create a company commanding more than a quarter of the world market for seeds and pesticides.
The deal came amid a wave of consolidation in the seeds and agrochemicals industry.
Along with earlier mergers linking Dow Chemical with DuPont and ChemChina with Syngenta, the sector may ultimately be dominated by just four large companies.
The EU also signed off on the Dow and DuPont deal last week, provided certain conditions are met.
Monsanto and Bayer have filed notice of the merger plan to competition officials in the US, EU and elsewhere.
Monsanto said it remains confident the deal will pass regulatory muster and is on track to close by the end of 2017.
Reuters reported last month that the two companies were launching asset sales worth roughly $2.5 billion as they seek regulatory clearance.
Monsanto, best known for its Roundup herbicide and genetically-engineered corn and soybean seeds, also said it now expects full-year ongoing earnings per share at the high end of its forecast range.
The company had expected ongoing earnings of $4.50 to $4.90 per share for its 2017 fiscal year.
Net profit attributable to Monsanto rose to $1.37 billion, or $3.09 per share, in the second quarter, from $1.06 billion, or $2.41 per share, a year earlier.
Excluding one-time items, Monsanto earned $3.19 per share, topping analysts' average estimate of $2.79 per share, according to Thomson Reuters.
The company's net sales rose 12% to $5.07 billion. Analysts on average had expected sales of $4.73 billion.
