ADM beats 2Q forecasts
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January 19, 2001: 3:23 p.m. ET
Agribusiness firm attributes revenue rise to ethanol, feed, cocoa sales
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NEW YORK (CNNfn) - Agribusiness conglomerate Archer Daniels Midland Co. edged past fiscal second-quarter forecasts Friday to post improved results.
The Decatur, Ill.,-based company earned net income of $124.6 million, or 20 cents a share, in the quarter ended Dec. 31. That beat the earnings-per-share forecast of analysts surveyed by earnings tracker First Call by 1 cent and topped the $101.9 million, or 16 cents a share, it earned in the year-earlier quarter.
Sales at the company that processes such products as soybeans, corn, wheat and cocoa rose 7 percent to $4.9 billion from $4.6 billion. It said most of the gains were in its sales of ethanol, feed and cocoa products.
Archer Daniels (ADM) did not give specific earnings guidance going forward in its earnings statement, but did say "Looking ahead, ADM's outlook is buoyed by current improvement in several key markets and intensified efforts to strengthen the returns of our businesses."
Shares of ADM (ADM: Research, Estimates) slipped 31 cents to $13.69 in trading Friday following the midday earnings report.
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