Agribusiness giant Archer Daniels Midland Co reported better-than-expected quarterly earnings on Tuesday, helped by higher profit at its oil seeds processing unit.
The Decatur, Illinois-based company, which operates a majority of the larger grain elevators in Hutchinson, said it turned in a “mixed” performance in its fiscal first quarter as oil seeds were strong, margins shrank in its ethanol business and the agricultural services business faced the worst U.S. drought in half a century.
The company reported net earnings of $182 million, or 28 cents per share, in its fiscal first quarter ended on September 30, down from $460 million, or 68 cents per share, a year earlier. Hydraulics manufacturer Eaton will report its 3rd quarter earnings tomorrow. Siemens will make its quarterly earnings known Thursday November 8th.