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Archer Daniels Midland profit rises in 3rd quarter, helped by ethanol, sweetener prices

Archer Daniels Midland profit rises in 3rd quarter, helped by ethanol, sweetener prices

Archer Daniels Midland Co., America's largest ethanol producer, on Tuesday said its profit rose 4 percent in its third fiscal quarter, helped by better ethanol and sweetener selling prices and a gain on an asset sale.
Net income for the three months ended March 31 rose to $362.9 million (euro266.74 million), or 56 cents per share, from $347.8 million, or 53 cents per share, during the same period last year.
Results include a $33 million (euro24.26 million) gain from on the sale of the company's Arkady food ingredient business.
Net sales rose 25 percent to $11.38 billion (euro8.36 billion) from $9.12 billion a year ago.
Analysts polled by Thomson Financial expected revenue of $9.65 billion .
The company said results were helped by its corn processing operating profit, which increased due to lower operating costs and increased ethanol and sweetener selling prices, partially offset by higher net corn costs.
Oilseeds processing operating profit decreased due to lower softseed and biodiesel processing margins.
The company's agricultural services operating profit fell, due to lower global merchandising and handling results.


Updated : 2021-05-13 09:27 GMT+08:00