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Archer Daniels Midland 3Q profit up, revenue down

Archer Daniels MidlCo. said Tuesday third-quarter earnings more than doubled partly increased profit margins ethanol but results fell short last

Archer Daniels Midland Co. said Tuesday third-quarter earnings more than doubled partly on increased profit margins on ethanol, but results fell short of last year when adjusted to exclude an inventory credit. | AP file photo

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Updated: October 29, 2013 8:19AM



DECATUR — Agribusiness giant Archer Daniels Midland Co. said Tuesday that third-quarter earnings more than doubled partly on increased profit margins on ethanol, but 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, or 72 cents per share, up from $182 million, or 28 cents per share, a year earlier.

Excluding items such as a credit of 28 cents per share for last-in, first-out cost of inventory, the company said it would have earned 46 cents per share, down from 53 cents per share a year earlier.

The results matched the forecast of analysts, who usually exclude items.

Revenue fell to $21.39 billion from $21.81 billion, but that was higher than the $20.76 billion expected among analysts surveyed by FactSet.

The company’s corn-processing profit rose $91 million on higher ethanol margins, and oilseeds-processing profit gained $25 million. But agricultural-services profit fell by $122 million on low U.S. exports and weak international-merchandising results.

Chairman and CEO Patricia Woertz said the company produced “solid” operating results despite lingering effects of this year’s drought in the United States.



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