ADM Profits Up 20 Percent
DECATUR, Ill. (AP) _ Helped by a strong ethanol market, agricultural processing giant Archer Daniels Midland Co. reported a 20 percent increase in first-quarter earnings, exceeding analysts’ expectations.
Decatur, Ill.-based ADM said Monday it earned $131.6 million, or 20 cents a share, in the quarter ending Sept. 30. That compared to $109.4 million, or 17 cents a share, during the same time a year ago.
Analysts surveyed by Thomson Financial/First Call had estimated the company would earn 13 cents per share.
Sales were $5.5 billion, up 19 percent from $4.6 billion last year.
Company officials attributed the profit jump to increased demand for ethanol and improved oilseed crush margins.
First-quarter earnings were helped by a gain of 5 cents a share from marketable securities transactions compared to a loss of 2 cents a share last year.
ADM is the world’s largest processor of soybeans, corn, wheat and cocoa and is among the leading makers of ethanol, oil and corn syrup.
Shares of ADM were up 91 cents to close at $13.14 Monday on the New York Stock Exchange.
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