ADM Q1 profit squeezed by high corn costs
(Reuters) - U.S. agricultural processor Archer Daniels Midland Co <ADM.N> said on Tuesday quarterly net earnings rose from a year before, but profits were squeezed by high corn costs and tight oilseed processing margins.
For the fiscal first quarter ended September 30, Archer Daniels reported a net profit of $460 million, or 68 cents per share, up from $345 million, or 54 cents a share, in the same quarter a year ago.
Adjusted to exclude one-time items, earnings per share were 58 cents.
Decatur, Illinois-based Archer Daniels is the world's largest corn processor and among the largest ethanol producers in the United States.
Shares closed on Monday at $28.94 per share on the New York Stock Exchange, down 4.6 percent.
(Reporting by Karl Plume in Chicago, editing by Gerald E. McCormick)
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