Tuesday, May 3, 2011

Archer Daniels Midland Co. (NYSE: ADM): Q3 2011 Earnings Roundup

Archer Daniels Midland Co. (NYSE: ADM) on Thursday reported that its first quarter profit climbed to $578 million, or 86 cents a share, from $421 million, or 65 cents a share, in the prior-year quarter. The latest results included 4 cents in inventory-related charges, while the prior-year included 4 cents in gains. Revenue increased 33% to $20.08 billion. Analysts, on average, expected the company to report earnings of 86 cents a share on revenue of $17.69 billion.

"The ADM team performed very well. Against a backdrop of volatile commodity prices, a challenging margin environment and geopolitical instability in the Middle East, North Africa and Cote d'Ivoire, our team worked smart and hard and delivered strong results," said Patricia Woertz, ADM chairman and CEO. "As we look ahead, we are monitoring the planting and growing season in North America and Europe. Overall, global demand for crops and agricultural products remains relatively strong. In these conditions, ADM will use our unique global asset base and strong balance sheet to serve vital needs, efficiently connecting the world's growers with the world's buyers, and delivering value for our customers and our shareholders."

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