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ADM 1Q Net Down 31% On Ethanol, European Oilseeds

DOW JONES NEWSWIRES Archer Daniels Midland Co.'s (ADM) fiscal third-quarter earnings fell 31% as the agribusiness giant saw its margins squeezed for ethanol and European oilseeds. ADM, one of the world's largest grain traders and processors, has struggled to post consistent results in recent quarters as market volatility has cut into trading profits. In January, the company said it would lay off around 1,000 people, or about 3% of its workforce, in a bid to bolster its international competitiveness. The company had warned that it expected a pretax charge of $50 million to $75 million in the latest quarter. ADM saw benefits from cost reductions starting this month and saving about $100 million annually. In a further effort to streamline its operations, the company said in March that it was reorganizing several of its business units, while four longtime executives said they were retiring. For the quarter ended March 31, the company posted a profit of $399 million, or 60 cents a share, down from $578 million, or 86 cents a share, a year earlier. Revenue increased 5.4% to $21.16 billion. Analysts surveyed by Thomson Reuters were looking for earnings of 59 cents on revenue of $21.38 billion. Adjusted earnings excluding restructuring charges, an accounting method called LIFO and other items fell to 78 cents from 89 cents. Gross margin shrank to 4.8% from 5.8%. In the agricultural division, which handles grain from farm to end-user, net sales fell 0.5%. The oilseeds processing segment's operating profit sank to $395 million from $512 million, even as sales rose 14%. Processing volume rose 6.2%. The corn-processing business posted 15% higher sales from a year ago, as volume was up 9.6%. Shares closed Monday at $30.83 and were inactive premarket. The stock is up 7.8% so far this year. -By Kristin Jones; Dow Jones Newswires; 212-416-2208; kristin.jones@dowjones.com

Stock News for Archer Daniels (ADM)
DateTimeHeadline
04/27/201511:00:00ADM Oilseeds Plants in North Dakota and Ontario to Increase Processing...
04/22/201511:00:00ADM Crop Risk Services Achieves Milestone in Plans for Innovative...
04/21/201517:03:05Companies Trade Suburbs for City Life
04/21/201510:10:41Statement of Changes in Beneficial Ownership (4)
04/21/201510:10:14Statement of Changes in Beneficial Ownership (4)
04/21/201505:21:17Tate & Lyle to Exit Europe Corn Syrup, Seeks to Revive Splenda...
04/21/201504:27:08Correction to Tate & Lyle Restructure Story
04/21/201503:22:43Tate & Lyle to Exit Europe Corn Syrup Operations, Restructure...
04/21/201502:00:00ADM Expands its Corn Processing Footprint with Acquisition of...
04/15/201514:33:35Additional Proxy Soliciting Materials (definitive) (defa14a)
04/14/201511:09:00ADM to Release First Quarter Financial Results on May 5, 2015
04/12/201501:45:1410 Top Dividend Aristocrat Dogs Do 5% To 16% April Upsides But...
04/09/201517:08:00ADM Announces Management Appointment
04/08/201513:03:12Commodities Today: Oil Mergers And Acquisitions Take Center Stage...
04/08/201511:00:00Launch of ARTCO Stevedoring Offers Customers Unmatched Service...
04/06/201506:20:00Grains: First Quarter Review And The Outlook For Q2
04/05/201505:23:38My Stock Watch List For April 2015
04/01/201517:03:30Statement of Changes in Beneficial Ownership (4)
04/01/201517:03:30Statement of Changes in Beneficial Ownership (4)
04/01/201517:03:30Statement of Changes in Beneficial Ownership (4)

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