Archer Daniels Midland Q1 profit soars as demand for biofuels bounces back

ADM Q1 profits spike on biofuels demand

ST. LOUIS — Archer Daniels Midland Co. reported that its third-quarter profit soared to more to $421 million from just $3 million in the same period last year, as global demand for biofuels boosted the company’s corn processing business.

The Decatur, Illinois, company said Tuesday that it earned 65 cents per share, compared with zero cents per share last year.

ADM reversed last year’s loss in bioproducts thanks to lower corn costs and better margins on ethanol.

ADM shipped the first commercial product from its joint-venture Mirel bioplastics plant as well.

Still, the results still came in below Wall Street expectations, with analysts surveyed by Thomson Reuters forecasting a profit of 72 cents per share.

Revenue rose 2 percent, to $15.1 billion, from $14.8 billion last year.

Eds: ADDS bioproducts information, photo; SUBS lead to CORRECT ‘third-quarter’ sted ‘first-quarter’.