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World Biofuels
Symposium
November 13-15, 2005
Beijing, China
2nd Annual Canadian Renewable Fuels Summit
December 13-15, 2005
Toronto, Ontario, Canada
Hosted by:
Candadian Renewable Fuels
Association
National Biodiesel
Conference & Expo 2006
February 5-8, 2006
San Diego, California
Organizer:
National Biodiesel Board
11th Annual
National Ethanol Conference: "Policy & Marketing"
February 20-22, 2006
Las Vegas, Nevada, USA
Sponsored by:
Renewable Fuels Association
22nd
Annual International Fuel Ethanol Workshop & Expo
June 20-23, 2006
Milwaukee, Wisconsin, USA
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Posted on
January 25, 2002ADM Earnings Jump 20 Percent The Associated Press
DECATUR, Ill. (AP) - Agricultural processing giant Archer Daniels Midland Co. posted a 20 percent increase in second-quarter earnings on improved oilseed crushing margins, the company said Wednesday.
Net income for the quarter was $150 million, or 23 cents per share, compared with $125 million, or 19 cents per share, during the same period ending Dec. 31 last year.
The results fell short of the 24 cents per share expected by analysts surveyed by First Call/Thomson Financial.
Sales rose 12 percent to $5.5 billion from $4.94 billion for the Decatur-based company.
ADM is the world's largest processor of soybeans, corn, wheat and cocoa and is among the biggest makers of ethanol, oil and corn syrup.
The company said the gain in earnings was due to better oilseed crush results and improvement in agricultural operations. Earnings from corn wet milling were down for the quarter because of a weak ethanol market.
Profits for agricultural services were up 79 percent over last year, though company officials did not provide specific figures. ADM also has shut down five flour milling plants over the last two years and posted a 15 percent increase in milling profits for the quarter.
ADM recently sold $14 million worth of corn, soybean meal, wheat and rice to Cuba - the first commercial export of U.S. food to the communist island nation since 1963.
``It's relatively small, but we think it's a beachhead that we can use to expand sales to Cuba over time,'' company spokesman Larry Cunningham said. ``We're encouraged by what we've seen.''
ADM's second quarter earnings included a loss of 2 cents per share from Internet investments and an additional 2 cents per share loss from private equity fund investments. Those losses were offset by a 4-cents-per-share gain from a partial settlement of vitamin antitrust litigation.
For the first half of its fiscal year, ADM earned $282 million, or 43 cents per share, up from $234 million, or 36 cents per share, for all of 2000. Sales grew 15 percent to $11.1 billion.
Shares of ADM rose 15 cents to $13.80 in midday trading on the New York Stock Exchange.
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