The Decatur-based company saw operating profit from corn plants that make feed and sweeteners drop 23 per cent, and earnings from processing soybeans into feed and vegetable oil slid 48 percent, reflecting higher energy costs and declining prices.
The world's largest grain processor reported a 19 per cent jump in net income, to $269.1 million from $226.8 million, a year ago. But removing the one-time gain from the sale of Splenda manufacturer Tate & Lyle's stock, earnings actually fell by 14.3 per cent.
"This quarter's earnings reflect the competitive markets in agribusiness and the impact of capacity added in recent years in several sectors," says ADM chairman and CEO G. Allen Andreas.
After announcing the results, shares of ADM on Friday slid $3.64, or 17 per cent, to $17.99, on the New York Stock Exchange - the biggest one-day drop since 1987.