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.
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.