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ADM earnings dip

Tue, 01 May 2012 11:13:55 CDT
By: AP

Archer Daniels Midland says its fiscal third-quarter profit dropped 31 percent. The Decatur-based company blames the drop on one-time charges and lower profits at its ethanol and oilseeds businesses. For the quarter ended March 31, the agribusiness conglomerate reported net income of $399 million, or 60 cents per share. That's down from $578 million, or 86 cents per share, in the same quarter last year.   Excluding one-time charges, the company reported an adjusted profit of 78 cents per share. That beat the 59 cents per share analysts expected. Revenue rose 5.4 percent to $21.2 billion. Corn processing profits fell 36 percent to $130 million, as the company made less money on ethanol production.

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