DECATUR, Ill. (
) - Commodities company
Archer Daniels Midland
said fourth-quarter earnings fell 83% as it felt the brunt of the economic slowdown.
Earnings in the quarter were $64 million, or 10 cents a share, down from $372 million, or 58 cents a share a year earlier. Revenue fell to $16.5 billion from $21.8 billion in the same period a year earlier.
Analysts surveyed by Thomson Reuters expected the company to report earnings of 45 cents a share on sales of $15.2 billion.
Looking ahead, Archer Daniels said it sees "signs of improving demand in the various food, feed and fuel markets we serve. We remain financially strong and well-positioned to capture value as global markets recover."
The company said said lower average selling prices reduced sales by about $5.8 billion, partly offset by increased sales volumes.
Corn processing operating profit fell partly on higher corn costs, while weakening demand hurt oilseeds processing and agricultural services results.
-- Reported by Joseph Woelfel in New York
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