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ADM quarterly profit slumps 27 percent on GrainCorp charges
February 4, 2014 / 12:35 PM / 4 years ago

ADM quarterly profit slumps 27 percent on GrainCorp charges

Feb 4 (Reuters) - U.S. agricultural processor Archer Daniels Midland Co on Tuesday said fourth quarter earnings fell 27 percent, largely due to charges relating to its failed acquisition of Australian grain handler GrainCorp.

For the quarter ended Dec. 31, ADM earned a net profit of $374 million, or 56 cents a share, compared with $510 million, or 77 cents a share, a year earlier, the Decatur, Illinois-based company said.

Adjusted earnings, which excluded GrainCorp-related charges and other items, were 95 cents a share, ADM said.

Analysts on average were expecting earnings of 85 cents per share, according to Thomson Reuters I/B/E/S.

ADM is one of the largest U.S. processors of corn and soybeans and one of the world’s top ethanol makers.

Shares of ADM closed on Monday at $38.91 per share on the New York Stock Exchange, down 57 cents from the previous session.

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