DECATUR, Ill. (AP) — Agribusiness giant Archer Daniels
Midland Co. said that third-quarter earnings more than doubled partly on
increased profit margins on ethanol, but its results fell short of last year
when adjusted to exclude an inventory credit.
Revenue fell 2 percent, but beat analysts’ forecasts. Net
income was $476 million, or 72 cents per share, up from $182 million, or 28
cents per share, a year earlier.
Excluding items such as a credit of 28 cents per share for
last-in, first-out cost of inventory, the company said it would have earned 46
cents per share, down from 53 cents per share a year earlier.
The results matched the forecast of analysts, who usually
Revenue fell to $21.39 billion from $21.81 billion, but that
was higher than the $20.76 billion expected among analysts surveyed by FactSet.
The company’s corn-processing profit rose $91 million on
higher ethanol margins, and oilseeds-processing profit gained $25 million. But
agricultural-services profit fell by $122 million on low U.S. exports and weak
Chairman and CEO Patricia Woertz said the company produced
“solid” operating results despite lingering effects of this year’s drought in
Its shares fell 64 cents, or 1.6 percent, to $39.20 in
pre-market trading about an hour before the market opening.
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