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ADM reports record profits

Agriculture.com Staff 07/31/2007 @ 12:44pm

Archer Daniels Midland (NYSE: ADM) announced Monday net profits for the year ended June 30, 2007 increased 65% to a record $ 2.162 billion-$ 3.30 per share from $ 1.312 billion-$ 2.00 per share.

Net profits for the year ended June 30, 2007 includes after tax gains on asset sales of $665 million.

Segment operating profits for the year increased 53% to a record $3.161 billion from $ 2.061 billion last year, on improved results from all operating segments.

"ADM delivered its third consecutive year of record earnings," said Chairman and CEO Patricia A. Woertz, in a press release. "We are building out the long term potential of this company. Our realignment and sale of assets are on target. Our strategic capital projects are all on schedule, and we see adequate global crops to meet all needs."

Net profit for the quarter increased $545 million to $955 million-$ 1.47 per share from $410 million-$ .62 per share last year. Net profit for the quarter ended June 30, 2007 includes after tax gains on asset sales of $ 616 million.

Corn-processing operating results fell 16 percent for the quarter to $241 million, due to higher net corn costs and lower ethanol sales volume. Excluding one-time gains, oilseed processing profit fell $48 million for the quarter to $147 million.

Archer Daniels Midland (NYSE: ADM) announced Monday net profits for the year ended June 30, 2007 increased 65% to a record $ 2.162 billion-$ 3.30 per share from $ 1.312 billion-$ 2.00 per share.

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