Agribusiness giant Archer Daniels Midland Co. reported a 94 percent increase in third-quarter earnings on the strength of significant improvements in all of its major product segments.
Net income for the three months that ended March 30 was $227 million, or 35 cents per share, compared with $117 million or 18 cents per share a year ago. The results easily topped the consensus estimate of 27 cents per share from Wall Street analysts.
Net sales and other operating income totaled $9.3 billion for the quarter, an 18 percent jump over the previous year, the company said.