ADM Reports 29% Profit Jump

NEW YORK - May 2/06 - SNS -- Archer Daniels Midland reported net earnings of U.S. $348 million on sales of $9,123 million during the three months ending March 31, compared to a net of $269 million revenues of $8,484 million during the third quarter of the previous fiscal year.

This lifted net earnings for the current fiscal year to $902 million on revenues of $27,048 million, compared to a net of $849 million on revenues of $26,520 million during the first nine months of the previous fiscal year.

Discussing the results, the company noted: Oilseeds Processing operating profit increased on improved global market conditions; Corn Processing operating profit increased principally due to improved ethanol and sweetener selling prices; Agricultural Services operating profit increased principally on improved transportation results; and Other segment operating profit declined primarily due to decreased results of Food and Feed Ingredients.

Oilseeds Processing operating profit increased $116 million to $177 million for the quarter and increased $133 million to $404 million for the nine months as improved global market conditions resulted in improved operating results in North American, South America, Europe and Asia.

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