ADM Cocoa Processing Profits Down
May 3, 2013
Decatur, IL — Archer Daniels Midland Co.’s net earnings totaled $269 million in the first quarter of 2012, down from $399 million a year prior, the company reports.
The company’s cocoa and other oilseeds processing business saw a loss of $22 million in the first quarter, down from $159 million in 2012. Milling and cocoa processing volumes remained flat.
ADM Chairman and CEO Patricia Woertz says: “As expected, this was a challenging quarter, with agricultural services negatively impacted by the ongoing effects of last summer’s U.S. drought. In oilseeds, our earnings were reduced by challenges in Brazil and depressed margins in cocoa.”
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