DECATUR, Ill. – Profit at Archer Daniels Midland Co. jumped 35 percent as record U.S. crop yields sent exports surging throughout the third quarter.
Net income at the agricultural company breezed past Wall Street expectations and its shares rose almost 8 percent to hit a new high for the year.
The Chicago company sells and transports crops, makes animal feed, produces ethanol for fuel and makes sweeteners and other ingredients for food.
In addition to an increase in corn and soybean exports, the company said it had strong results in North America for its corn sweeteners and starches.
"With improving market conditions and a large U.S. harvest," said ADM Chairman and CEO Juan Luciano, "we feel good about the remainder of the year and a stronger 2017."
Net income was $341.6 million, or 58 cents per share, in the quarter ending Sept. 30, compared with $252 million, or 41 cents per share, in the same quarter a year ago.
Revenue fell 4 percent to $15.83 billion, missing most projections.
Shares of Archer Daniels Midland Co. rose $3.46 to $47.03 in midday trading Tuesday.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ADM at https://www.zacks.com/ap/ADM
Keywords: Archer Daniels Midland, Earnings Report