ADM Reports 68% Jump in Profits

DECATUR - Jan 30/04 - SNS -- Archer Daniels Midland Company reported a second quarter operating profit of $495 million or 34 cents per share, sharply higher than the $297 million or 20 cents per share reported during the same quarter last year.

In releasing results for the three months ending December 31, ADM said oilseed processing results increased in North America and Asia while operating margins weakened in South America and Europe.

Net sales for the quarter rose 18% to $9,188 million; lifting sales for the first half of the 2003-04 fiscal year to $16,156 million from $14,751 million during the same six months period the previous year. Net earnings for the quarter were $221 million, up 68% from the $131 million realized during the same quarter last year. First half profits jumped 55% from $239 million in 2002-03 to $371 million this fiscal year.

Oilseed processing results increased in North America and Asia while operating margins weakened in South America and Europe. Operating profits advanced from $102.7 million to $120.9 million, while ADM's six month profit advanced from $179 million in 2002-03 to $188.7 million this year.

The subscriber version of the article is available by Clicking here