Archer Daniels Midland (ADM) reports profit slide

Posted by Tate Dwinnell | # |
04:41:02 pm on August 5, 2008

ADM reported a drop in fiscal fourth-quarter profit even as the company’s sales were boosted by higher commodity prices.

ADM reported net income in the quarter ended June 30 of $372 million, or 58 cents a share, down from $955 million, or $1.47 a share, a year earlier. The profit picture was complicated by gains from asset sales last year, which added $616 million after taxes to year-earlier results. Excluding the effect of those gains, profits grew by about 10%.

Revenue jumped 78% to $21.78 billion, with 90% of the rise coming from higher commodity prices and the balance from increased volumes.  The company insisted that global protein demand would continue to grow despite a recent slowdown among some of its core products.

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