DECATUR, Illinois (AP) - Archer Daniels Midland is reporting that first-quarter profits dropped 31 percent, partly on an inventory charge and a lower agricultural services operating profit.
The corn and soybean processor and ethanol maker posted net incoome of $345 million, or 54 cents per share on Tuesday. A year ago, net income was $496 million, or 77 cents per share.
Revenue for the period ended Sept. 30 rose 13 percent to $16.8 billion from $14.92 billion.
Analysts expected higher earnings of 75 cents per share on revenue of $15.66 billion.
Archer Daniels Midland Co. grows, ships and processes grains. The global market for crops has been heating up as supplies tighten for key products like corn and soybeans.