ADM reports 1Q earnings
from continuing operations and flat sales for its fiscal first
quarter, Dow Jones journal...
Archer-Daniels-Midland Co. reported less-than-expected earnings from continuing operations and flat sales for its fiscal first quarter, Dow Jones journal reported yesterday. For the quarter ending Sept. 30, ADM, a maker of food additives and ingredients for food companies, posted net income of $109.4 million, or 17 cents a share, compared to $36.4 million, or six cents a share, in the year-earlier period. Sales were little-changed at $4.63 billion, compared with $4.61 billion a year earlier. The latest results included security losses of $16 million and a nonrecurring gain of $95 million related to an overseas affiliate. Excluding those items, the company said it would have reported earnings of five cents a share.