DECATUR, Ill. (AP) — Archer Daniels Midland said Tuesday that its fiscal first-quarter profit dropped 60 percent, hurt by charges stemming from the planned sale of a Mexican food company.
For the quarter that ended Sept. 30, the agribusiness conglomerate earned $182 million, or 28 cents per share, down from $460 million, or 68 cents per share, in the same quarter last year.
Excluding charges mainly stemming from the Decatur, Ill., company's planned sale of Gruma, a Mexican food company, Archer Daniels Midland said its adjusted profit was 50 cents per share for the recent quarter.
Revenue was relatively flat at $21.81 billion compared with $21.9 billion.
Operating profit at the company's oilseed business rose by more than 50 percent to $336 million. But earnings at its corn processing business dropped more than 60 percent to $68 million, as weak global demand for ethanol more than offset higher profits from sweeteners and starches.
Excluding the Gruma charge, profit at Archer Daniels Midland's agricultural business dropped about 30 percent, hurt by a smaller U.S. harvest.
ADM's stock is not trading because markets are closed for a second day in the aftermath of Hurricane Sandy.