ADM Profit Hurt by Ethanol Activities

(Before It's News)

Aug 1, 2012 – Archer Daniels Midland, [NYSE: ADM], a corn processing company, posted a 25% decline in quarterly profit, hurt by record corn prices and a decline in profit from its ethanol operations.  Whoops!  Wasn’t ethanol for fuel supposed to be the new biofuel?

ADM $284 million, or 43 cents a share, below the $381 million, or 58 cents a share, it earned a year ago.

Revenue slipped less than 1 percent to $22.68 billion from $22.87 billion a year earlier.

Archer Daniels’ share price fell $1.40, [5%], to $26.09 a share.

Corn processing results slid $48 million because of negative ethanol margins.

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