ADM Reports 3rd Quarter Profits Up
DECATUR, Ill. (AP) _ Archer Daniels Midland Co. reported Thursday its third-quarter profits rose nearly 15 percent over a year earlier.
For the three months ended March 31, net income rose to $70.3 million, or 12 cents a diluted share, from $61.2 million, or 10 cents a share, a year earlier. The most recent quarter included a charge equal to 7 cents a diluted share for litigation settlement costs, the grain and soybean processor reported.
The company, based in Decatur, Ill., in March paid $36 million to settle a federal lawsuit accusing the company of fixing citric acid prices.
ADM stock gained 6 1/4 cents per share to close at $22.06 1/4 on the New York Stock Exchange.
The company does not report its revenue in quarterly earnings releases, nor does it give an explanation for profit increases. Analysts said, however, that the company reported poor earnings last year because it was forced to cut prices for high-fructose corn syrup as much as 25 percent after its involvement in a series of price-fixing scandals. The sweetener used in many soft drinks provides about a third of ADM’s sales.
For the first nine months of its fiscal year, the company reported net income of $340.9 million, or 61 cents per diluted share, compared with $254.7 million, or 44 cents a share, a year ago.