US agribusiness Archer Daniels Midland has said its second-quarter earnings rose sharply, helped by improved corn and wheat processing results.
The company posted net earnings of US$221m, or 34 cents per share, for the second quarter to 31 December, compared to $131m, or 20 cents per share, a year earlier.
ADM said net sales and other operating income rose 18% to $9.19bn.
The company attributed the strong performance to higher oilseed processing earnings in North America and Asia, improved corn processing results in both the ethanol and corn sweetener businesses, and higher wheat processing profits due to improved North American crop conditions. Results from the company’s cocoa operations also improved.