ADM profit rises, modest ag services growth
Archer Daniels Midland Co (ADM.N) posted a slight gain in its agricultural services business, held back by volatile commodities prices, instability in the Middle East and Africa, and delayed shipments in Japan.
ADM's disappointing performance in agricultural services, the company's largest segment in terms of revenue, was in contrast to results reported last week by rival agribusiness Bunge Ltd (BG.N) and ADM's shares fell 4.9 percent. [ID:nN28188160]
ADM also warned on Tuesday about the impact of elevated energy prices and global instability going forward.
Anti-government protests in North Africa and the Middle East disrupted grain shipments to the key commodities importing region, hurting the agricultural processor's bottom line in its fiscal third quarter that ended March 31. Read more...
