Agribusiness giant Archer Daniels Midland Co. said today that its third-quarter earnings more than doubled partly on increased profit margins on ethanol. But the Decatur-based company says its results fell short of last year when adjusted to exclude an inventory credit. Revenue fell 2 percent but beat analysts' forecasts. Net income was $476 million, up from $182 million, a year earlier. Chairman and CEO Patricia Woertz says the company produced ``solid'' operating results despite lingering effects of this year's drought in the United States.
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