Archer Daniels Net Rises 7.3% on Higher Crop Prices |
| Bloomberg - Feb 4, 2008 |
Archer Daniels Midland Co., the world's largest grain processor, said second-quarter profit rose 7.3 percent because of price increases for crops including wheat and soybeans.
Net income rose to $473 million, or 73 cents a share, in the three months ended Dec. 31, from $441 million, or 67 cents, a year earlier, the Decatur, Illinois-based company said today in a statement. Sales climbed 50 percent to $16.5 billion.
ADM benefited from a global wheat shortage, with inventories expected to fall to the lowest in three decades. Profit from its agricultural-services unit, which includes storing and marketing grain, more than doubled to $315 million. Earnings from crushing oilseeds rose 14 percent to $219 million on strong global demand for soy meal and oil.
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- Posted: 2008-02-04 09:07:08
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