Tuesday, May 5, 2009

Archer Daniels Midland third-quarter profit falls 98% (ADM)

From MarketWatch:
Archer Daniels Midland Co. said Tuesday its fiscal third-quarter profit plunged 98% on falling demand for its oilseeds and corn processing products, particularly for the biofuel ethanol.

For the recent quarter, the Decatur, Ill., agricultural grain processor said net earnings fell to $8 million, or one penny a share, from $517 million, or 80 cents a share, in the year-ago period.
Archer Daniels said quarter ended March 31 was impacted by $229 million in one-time charges, including a $132 million non-cash after-tax charge related to currency derivative losses....MORE