DECATUR, Ill. (AP) — Agribusiness giant Archer Daniels Midland Co. said Tuesday that third-quarter earnings more than doubled partly on increased profit margins on ethanol, but its results fell short of last year when adjusted to exclude an inventory credit.
Revenue fell 2 percent but beat analysts' forecasts.
Net income was $476 million, or 72 cents per share, up from $182 million, or 28 cents per share, a year earlier.
Excluding items such as a credit of 28 cents per share for last-in, first-out cost of inventory, the company said it would have earned 46 cents per share, down from 53 cents per share a year earlier.
The results matched the forecast of analysts, who usually exclude items.
Revenue fell to $21.39 billion from $21.81 billion, but that was higher than the $20.76 billion expected among analysts surveyed by FactSet.
The company's corn-processing profit rose $91 million on higher ethanol margins, and oilseeds-processing profit gained $25 million. But agricultural-services profit fell by $122 million on low U.S. exports and weak international-merchandising results.
Chairman and CEO Patricia Woertz said the company produced "solid" operating results despite lingering effects of this year's drought in the United States.
Its shares fell 64 cents, or 1.6 percent, to $39.20 in premarket trading about an hour before the market opening.