ADM posts higher fourth-quarter profit
Tue Aug 1, 2006 7:08am ET
today.reuters.com
CHICAGO, Aug 1 (Reuters) - Archer Daniels Midland Co. (ADM.N: Quote, Profile, Research), the largest U.S. food processor, on Tuesday reported that quarterly profit more than doubled on strong results from oilseed processing and ethanol.
ADM said earnings rose to $410 million, or 62 cents per share, in the fiscal fourth quarter ended June 30, from $195 million, or 30 cents per share, a year earlier.
Analysts, on average, were expecting 52 cents per share before one-time items, according to Reuters Estimates.
ADM shares have outperformed the food processing sector this year, rising 77 percent, compared with an 12 percent gain in the Dow Jones U.S. Food Producers Index <.DJUSFO>. ADM shares hit an all-time high of $46.70 in May fueled by the company's investment in crop-based fuels such as ethanol and biodiesel. |
