Income Up - Revenue Down At ADM
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, or 72 cents per share, up from $182 million, or 28 cents per share, 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.