Archer Daniels Reports Surge in 4Q Income

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Corn and ethanol processor Archer Daniels Midland (NYSE:ADM) reported a rise in net income for its fiscal fourth quarter even as sales took a hit. Operating profits in its agricultural services division were up, as were profits in its corn processing segment.

The Decatur, Illinois-based company earned $446 million, or 69 cents per share for the quarter, up from $58 million, or 9 cents per share, during the same period in the year prior.

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Revenue dropped 5% to $15.7 billion from $16.53 billion for the quarter.

Analysts polled by Thomson Reuters had projected earnings of $16.47 billion in revenue, or 53 cents per share.

The average cost of products sold dropped by 9% to $14.78 billion.

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