“Archer-Daniels-Midland Co. (ADM), the world’s largest corn processor, reported fiscal first-quarter profit that beat analysts’ estimates because of improvements in its soybean-processing business.
Net income fell 60 percent to $182 million, or 28 cents a share, in the three months through September from $460 million, or 68 cents, a year earlier, the Decatur, Illinois-based company said today in a statement. Profit excluding a charge for a planned divestment of Mexican tortilla maker Gruma SAB and other one-time items was 50 cents a share, exceeding the 44-cent average of eight estimates compiled by Bloomberg.
Operating profit at the unit that processes soybeans and other oilseeds almost tripled to $336 million. U.S. profit margins to crush soybeans more than doubled to $1.06 in September from 47 cents a month earlier and 42 cents a year earlier, as the country’s harvest began, according to an Oct. 12 report from BMO Capital Markets.”