ADM profit rises 4 pct in challenging quarter
(Adds sales, operating segments, analyst revenue estimate, byline)
By Lisa Haarlander
CHICAGO, May 1 (Reuters) - Archer Daniels Midland Co. (ADM.N), the largest U.S. food processor and ethanol maker, said on Tuesday it had a challenging quarter, but strong results from corn processing boosted quarterly profit 4 percent.
ADM said earnings climbed to $362.9 million, or 56 cents per share, in the fiscal third quarter that ended March 31, compared with $347.8 million, or 53 cents per share, a year earlier. The earnings include a gain of $33 million from the sale of its Arkady food ingredient business.
Revenue rose 25 percent to $11.38 billion, compared with analysts' forecasts for $10.01 billion, according to Reuters Estimates.
Oilseed processing profit fell $8 million to $169 million due to lower crush margins and weaker biodiesel processing margins.
Higher ethanol and sweetener selling prices helped corn processing profit gain $33 million to $252 million, but the division faced higher corn costs.
ADM has outperformed the food processing sector on strong demand for alternative fuels made from crops. ADM shares have risen 22 percent this year, compared with a 6.8 percent gain in the Dow Jones U.S. Food Producers Index .DJUSFO, based on Monday's closing prices.
((Reporting by Lisa Haarlander, editing by Maureen Bavdek;lisa.haarlander@reuters.com; Reuters Messaging: lisa.haarlander.reuters.com@reuters.net; +1 312-408-8720)) Keywords: ADM RESULTS/
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