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    Archer Daniels Midland Profit Doubles

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    employmentcrossing

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    http://www.EmploymentCrossing.com Archer Daniels Midland has reported its fiscal first-quarter earnings more than doubled, beating Wall Street estimates. The company benefited from lower commodity prices and higher selling prices. Its shares rose $3.41, that’s just over 16 percent, to $24.52 in afternoon trading. The Decatur, Illinois-based food processing and ethanol mega-conglomerate said profit in the quarter ending September 30th rose to about $1 billion, at a $1.63 per share, up from 68 cents per share, last year. The result beat the 69 cents per share expected by analysts in a Thomson Reuters poll. Sales rose 65 percent to nearly $21.2 billion, easily surpassing Wall Street's estimate of about $15.98 billion. The gain came mostly from higher average selling prices, which ADM said arose from increases in underlying commodity costs. Higher corn prices and energy costs lowered ADM's corn-processing unit's operating profit by more than half. That was more than offset by the oilseeds-processing unit, where the company realized higher selling prices because it was one of the few suppliers of soy-beans when the US harvest was delayed. ADM operates more than 270 plants worldwide, where cereal grains and oilseeds are processed into numerous products used in food, beverage, nutraceutical, industrial and animal feed markets worldwide. To find Biotech jobs near you, click here