UPDATE: Archer Daniels Midland Posts Upbeat Q3 Earnings

Archer Daniels Midland Company

reported stronger-than-expected earnings for the third quarter. The Chicago, Illinois-based company reported a quarterly profit of $747 million, or $1.14 per share, versus a year-ago profit of $476 million, or $0.72 per share. Excluding certain items, the company's earnings climbed to $0.81 from $0.47 per share. Its revenue slipped 15% to $18.12 billion. However, analysts were projecting a profit of $0.73 per share on revenue of $21.19 billion. Corn processing operating profit, excluding one-time items, jumped to $363 million from $159 million in the quarter, while agricultural services operating profit climbed to $315 million from $102 million. Oilseeds processing segment's operating profit gained to $362 million from $361 million in the quarter. “The team delivered very strong results in the third quarter and made significant progress improving earnings and returns,” said ADM Chairman and CEO Patricia Woertz. “Corn Processing managed their product mix to serve good demand and optimize margins. Continued improvement in international merchandising results supported the ongoing recovery of Ag Services. And Oilseeds Processing again delivered solid results overall, benefiting from good demand and its diverse footprint and product portfolio. Archer Daniels Midland shares rose 0.53% to close at $47.25 yesterday.