Archer Daniels Midland (ADM) Releases 1st Quarter Results

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09:23:57 am on November 4, 2008

Archer Daniels Midland released its first quarter results today. They reported a jump in profits, with net income of  $1.05 billion, or $1.63 per share, That’s a big jump from this time last year, when the company reported net income of $441 million, or 68 cents per share.

Due to price increases, net sales rose 65 percent to $21.16 billion, even as sales volumes remained steady. In addition to the increase in sales, ADM also says it benefited from lower taxes and an "accounting change."

According to Reuters, "Analysts on average were expecting earnings of 69 cents per share, excluding items, according to Reuters Estimates. It was not immediately clear if that figure was comparable with reported net income."

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