Agri-giant Archer Daniels Midland has booked a jump in first-half net earnings, as lower one-off costs and higher sales boosted the bottom line.
Net earnings in the six months to 31 December rose to US$692m, up from $440m in the comparable period of last year, the company said yesterday (6 February). The bottom line was booted by lower impairment, restructuring and exit costs, which were down from $352m last year to $146m.
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Gross profit increased 2.5%, climbing from $1,8bn to $1.847bn.
During the half, sales rose 3.4%, climbing to $46.7bn. The company said gains were driven by a strong performance from its oilseed and agricultural services units, which offset weakness in its ethanol business.
Shares rose 3.3% on the news, climbing to a close of $29.38.
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By GlobalData
