DECATUR, Ill. (AP) — ADM's profit more than doubled during the second quarter as grain exports rebounded and demand for ethanol was strong.
The Decatur company posted net income of $533 million, or 81 cents per share, from $223 million, or 34 cents per share, in the same quarter a year earlier.
Earnings, adjusted for non-recurring gains, came to 77 cents per share, which was 2 cents better than Wall Street was expecting, according to analysts surveyed by Zacks Investment Research.
Agricultural services gains rose by $122 million, driven by strong U.S. exports and improved international merchandising.
"Today, the crops in North America and Europe are developing nicely, so we are preparing for what could be very large harvests," said Chairman and CEO Patricia Woertz.
The agribusiness giant said revenue declined 4.6 percent to $21.49 billion from $22.54 billion in the same quarter a year ago, and that was short of the $23.16 billion that analysts were looking for.
Shares of Archer-Daniels-Midland Co. dipped 4 cents in premarket trading but remain close to 10-year highs.
Original headline: ADM 2Q profit more than doubles
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