Jefferson City, MO 61° View Live Radar Tue H 77° L 53° Wed H 69° L 48° Thu H 71° L 49° Weather Sponsored By:

Archer Daniels Midland 1Q net income declines

Archer Daniels Midland 1Q net income declines

November 2nd, 2010 in News

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.