Archer Daniels Profit More Than Doubles

Archer Daniels Midland (ADM Quote) said first-quarter earnings more than doubled to $1.05 billion, or $1.63 a share, as sales rose 65% on higher selling prices resulting from increases in commodity costs.

Analysts surveyed by Thomson Reuters expected the company, an agricultural processor of soybeans, corn and wheat, to earn 69 cents a share in the quarter.

Sales rose to $21.2 billion from $12.8 billion a year earlier. Net income in the fiscal first quarter of 2007 was $441 million, or 68 cents a share.