Archer Daniels Shares Surge on 17% Gain
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Shares in Archer Daniels Midland Co. surged to a 52-week high after the agricultural processor said fiscal second-quarter earnings rose 17% as profit nearly doubled in its corn processing business.
Net income for the quarter ended Dec. 31 rose to $367.7 million, or 56 cents a share, from $313.5 million, or 48 cents, a year earlier.
Decatur, Ill.-based ADM, one of the world’s largest processors of oilseeds, corn and wheat, said quarterly sales grew 3%. What the company terms “net sales and other operating income” rose to $9.3 billion from $9.06 billion a year earlier. Its shares rose almost 10% to $31.50, up $2.76.
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