ADM profits up 9 percent in quarter
Tuesday, November 6, 2007DECATUR (AP) - Agricultural processor Archer Daniels Midland Co. said Tuesday its first-quarter profit rose 9 percent, as a sharp improvement in its oilseeds processing segment offset higher corn prices.
Profit for the three months ended Sept. 30 rose to $441 million, or 68 cents per share, from $403.9 million, or 61 cents per share, during the same period a year earlier.
Sales rose 36 percent to $12.83 billion from $9.45 billion a year earlier.
Analysts forecast earnings of 59 cents per share and sales of $10.64 billion, according to Thomson Financial. The earnings estimates typically exclude one-time items.
Profit in ADM's oil seeds processing business rose nearly 23 percent to $209 million from $170 million a year ago, due to strong demand worldwide for protein meal and oil.
"Where excellent first quarter earnings of a year ago reflected steep growth in the ethanol market, our record first quarter earnings this year demonstrate our strengths in sweeteners and starches, oilseed processing and our global capabilities in grain merchandising and handling," Chief Executive Patricia A. Woertz said in a statement.