Archer Daniels Midland Co., the world’s largest grain processor, posted a 37 percent increase in fiscal third-quarter profit as food-ingredient demand climbed.
Net income rose to $578 million, or 86 cents a share, in the three months through March, from $421 million, or 65 cents, a year earlier, the Decatur, Illinois-based company said today in a statement. The average estimate of 12 analysts surveyed by Bloomberg was for profit of 85 cents a share. Sales advanced 33 percent to $20.1 billion from $15.1 billion.
Operating profit in the corn processing unit jumped 96 percent to $204 million because of rising demand for food and feed ingredients such as lysine, ADM said. Operating profit at the oilseed-processing unit rose 26 percent to $512 million.
“Global demand for crops and agricultural products remains strong,” Chief Executive Officer Patricia Woertz said in the statement.
ADM dropped 79 cents, or 2.1 percent, to $36.21 as of 8:46 a.m. before the start of regular trading on the New York Stock Exchange. The shares gained 23 percent this year through yesterday.
(ADM will hold a conference at 9 a.m. New York time which can be accessed at http://www.adm.com/webcast or +1-866-356- 4123, access code 48899048.)
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