ADM doubles profit in second quarter

Posted:
DECATUR - A central Illinois company's profits more than double during the second quarter, thanks to rebounding grain exports and strong demand for ethanol.

ADM posted a net income of $533 million this quarter, compared to $223 million from the same quarter last year.  It more than doubles the amount per share, from 34 cents to 81 cents.

According to Chairman and CEO Patricia Woertz, the company is preparing for large harvests because crops in Europe and North America "are developing nicely."  

Zacks Investment Research says that actual earnings were two cents better than what Wall Street was expecting, coming in at 77 cents after adjusting for non-recurring gains.

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