US agribusiness giant Archer Daniels Midland has reported a 77% rise in quarterly net earnings helped by reduced prices for grain and oilseeds.
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The company posted net earnings of US$266m, or 41 cents per share, for the first quarter to 30 September, compared to $150m, or 23 cents per share, for the year-ago period.
The company said earnings from its oilseeds processing business increased due to improved processing results in North America and Europe. Corn processing earnings declined as improved Bioproducts results were offset by the impact of higher net corn costs.
“Record harvests in North America are nearly complete. Reduced prices for grain and oilseeds improved the company’s liquidity and contributed to the continuation of strong operating results. Our management team continues to enhance the capabilities of our global network to build long-term shareholder value,” said G. Allen Andreas, chairman and chief executive.
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