Archer Daniels Midland profit falls on weak demand
November 3, 2009
ST. LOUIS -- Archer Daniels Midland says its first-quarter profit tumbled 53 percent as the global recession dragged down demand for crops and ethanol.
The company said Tuesday that it earned $496 million, or 77 cents per share, compared with $1.04 billion, or $1.62 per share, last year. Analysts expected a profit of 57 cents per share.
Revenue fell 29 percent, to $14.9 billion.