Nov. 1 (Bloomberg) -- Archer Daniels Midland Co., the world’s largest grain processor, reported fiscal first-quarter profit that missed analysts’ estimates amid tight U.S. corn supplies.
Net income rose 33 percent to $460 million, or 68 cents a share, in the three months ended Sept. 30, from $345 million, or 54 cents, a year earlier, the Decatur, Illinois-based company said today in a statement. Earnings excluding inventory gains and other items were 58 cents a share, trailing the 66-cent average estimate of 13 analysts in a Bloomberg survey. Sales rose 30 percent to $21.9 billion from $16.8 billion a year earlier.
Rising exports from Ukraine and Russia are more than offsetting the decline in shipments projected from the U.S., according to the U.S. Department of Agriculture. The company’s agricultural-services segment, which buys, sells and transports grains and other commodities, made up 47 percent of fiscal 2011 revenue. The U.S. accounted for 53 percent of ADM’s total sales in the last fiscal year.
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