Biotech company Monsanto has announced that they saw a 22 percent increase in revenue in the second quarter thanks to strong sales of it’s seeds. The agricultural products company, which used to make agent orange for the U.S. government, saw a boost to its full-year earning thanks to strong performances in the first two quarters.
News of the record profits comes at a particularly bad time, especially after critics have been slamming lawmakers for including in legislation a provision, dubbed the “Monsanto Protection Act,” that would shield the company from lawsuits over health risks related to genetically modified seeds.
Critics say the provision in the new law would put Monsanto and companies like it above the law by stopping officials’ ability to block the sale of the seeds even if they prove dangerous to consumers. Monsanto says it earned $1.48 billion, or $2.74 per share in the three months ended Feb. 13. That compares to earnings of $1.21 billion, or $2.24 per share, a year ago.
Revenue climbed 15 percent to $5.47 billion.