Archer Daniels Earnings, Sales Drop

DECATUR, Ill. (TheStreet) -- Archer Daniels Midland (ADM Quote) said third-quarter net earnings were sliced in half from a year ago, as sales plummeted on lower selling prices.

Archer Daniels Midland said it had net earnings of $496 million, or 77 cents a share, for the quarter ended Sept. 30. That was down sharply from year-ago earnings of $1.04 billion, or $1.62 cents a share.

Meanwhile, net sales dropped 29% from a year earlier to $14.9 billion, primarily due to decreased average selling prices and, to a lesser extent, foreign exchange translation impacts, the company said.

Analysts polled by Thomson Reuters were looking for a profit of 57 cents a share on revenue of $17.91 billion.

Archer Daniels Midland said segment operating profit for the quarter was down 34% to $774 million. Oilseeds processing profit decreased on lower margins and production, while corn processing profit improved on lower net corn and manufacturing costs.

-- Written by Robert Holmes in New York.

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