DECATUR, Ill. (AP) -- Archer Daniels Midland says its fiscal third-quarter profit dropped 31 percent.
The Decatur-based company today blamed the drop on one-time charges and lower profits at its ethanol and oilseeds businesses.
For the quarter ended March 31, the agribusiness conglomerate reported net income of $399 million, or 60 cents per share. That's down from $578 million, or 86 cents per share, in the same quarter last year.
Excluding one-time charges, the company reported an adjusted profit of 78 cents per share. That beat the 59 cents per share that analysts surveyed by FactSet had expected, on average.
Revenue rose 5.4 percent to $21.2 billion.
Corn processing profits fell 36 percent to $130 million, as the company made less money on ethanol production.
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