Archer Daniels Midland 4Q net income surges

[August 03, 2010]  DECATUR (AP) -- Archer Daniels Midland, a major corn and soybean processor and ethanol maker, says its fourth-quarter net income surged even as sales slipped.

The company, based in Decatur, says it earned $446 million, or 69 cents per share, up from $58 million, or 9 cents per share, in the same period last year. Revenue fell 5 percent to $15.7 billion from $16.53 billion.

Analysts polled by Thomson Reuters expected Archer Daniels Midland Co. to earn 53 cents per share on $16.47 billion in revenue.

Profit in the company's oilseeds and corn processing segments increased. The company also had an increase in profit in its agricultural services business.

[Associated Press]

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