Archer Daniels 1Q profit more than doubles

[November 04, 2008]  NEW YORK (AP) -- Archer Daniels Midland Co. says its fiscal first-quarter earnings more than doubled, beating Wall Street estimates as the company benefited from an accounting change and higher selling prices.

The Decatur-Ill.-based food processor and ethanol producer said Tuesday its profit rose to $1.05 billion, or $1.63 per share, in the three months ended Sept. 30. That's up from $441 million, or 68 cents per share, last year.

The profit beats the 69 cents per share expected by analysts in a Thomson Reuters poll.

Its says sales rose 65 percent to $21.16 billion, easily surpassing Wall Street's estimate of $15.98 billion.

ADM says it booked income of $453 million after changing the way it accounts for inventory.

[Associated Press]

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.