ADM Quarter Profits Fall, Reporting Tight Crop Supplies
By Amanda Brodhagen, Farms.com
Archer Daniels Midland Co. (ADM) reported that its quarterly earnings fell 21 percent, due to tightened crop supplies in the United States.
The company reported net earnings of $223-million, or 34 cents a share for its second quarter. The same quarter a year ago, ADM reported $284-million, or 43 cents a share. The company back in May suggested that its second quarter may be difficult because of tight crop supplies.
“The team managed well through this period, as tight U.S. crop suppliesreduced volumes,” said ADM Chairman and CEO Patricia Woertz. “Also, corn results improved amid volatile ethanol industry conditions.
ADM's second quarter report can be viewed by clicking here.