ADM: Weak ethanol causes less profit
American Archer Daniels Midland’s (ADM) net profit in the third quarter reached US$ 252 million.
The US agribusiness company, which also operates a sugarcane mill in Minas Gerais, Brasil, announced on Tuesday (03/11) a lower than expected quarterly profit with weak margins of ethanol and the strong dollar and a wide range of South American crops limiting US grain exports.
According to Reuters, the company, based in Chicago, released its net income for the third quarter at US $ 252 million, or US$ 0.41 per share, down from US$ 747 million, or US$ 1.14 a share, a year earlier.
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