Charges hit ADMs Q3 numbers last year

Charges hit ADM's Q3 numbers last year

Commodities giant Archer Daniels Midland has posted a leap in third-quarter profits, boosted by all of its major business segments and a favourable year-on-year comparison.

For the quarter ended 31 March, the agribusiness group said that profits surged to US$421m, up from $3m in the comparable period of last year when the company was hit by charges of $140m.

Sales increased 2.4% during the quarter, rising to $15.15bn, while volumes gained 11%.

Gross margins rose to 5.9% from 4.4%.