ADM reports profit decline, but shares are up

31/10/05 Archer Daniels Midland (ADM) has reported that net earnings for the quarter ended September 30, 2005 decreased to $ 186 million - $ .29 per share compared to $ 266 million - $ .41 per share last year. First quarter segment operating profit increased 3% to $ 351 million from $ 339 million last year.

The company said that Oilseeds Processing operating profit increased on improved results in Europe, South America and Asia. Corn Processing operating profit increased principally due to lower net corn costs. Agricultural Services operating profit declined due to the negative impact of hurricanes on operations and a decline in global merchandising results. Other segment operating profit increased from improved Financial results partially offset by a decline in Food and Feed Ingredient results, the company reported. Food and Feed Ingredient results declined to $ 69 million from $ 89 million last year as operating results of the natural health and nutrition, cocoa, and wheat product lines declined from last year’s levels.