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ADM earnings dip

Tue, 30 Oct 2012 11:50:30 CDT
By: AP

Decatur-based Archer Daniels Midland's fiscal first-quarter profits are down 60 percent. The results reported today were hurt by charges stemming from the planned sale of a Mexican food company called Gruma. For the quarter that ended September 30, the agribusiness conglomerate earned $182 million. That's down from $460 million in the same quarter last year. Revenue was relatively flat at $21.8 billion compared with $21.9 billion. Operating profit at the company's oilseed business rose by more than 50 percent to $336 million. But earnings at ADM's corn processing business dropped more than 60 percent to $68 million, as weak global demand for ethanol more than offset higher profits from sweeteners and starches.

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