ADM 2nd-quarter profit rises
CHICAGO (Reuters) - Archer Daniels Midland Co <ADM.N>, a leading U.S. food processor and ethanol producer, posted higher quarterly profit on Monday, boosted by demand for protein meal and seed oil and improved results in its wheat and malt processing operations.
The improved profit comes even as corn processing profits declined due to lower ethanol prices and higher net corn costs, the company said.
ADM said earnings rose to $473 million, or 73 cents per share, in the second quarter ended December 31, from $441 million, or 67 cents per share, a year earlier.
Analysts on average forecast 74 cents a share, according to Reuters Estimates.
Sales and other operating income rose 50 percent to $16.50 billion, the company said.
ADM shares closed at $45.50 on Friday on the New York Stock Exchange. The stock is up 29 percent from a year ago.
(Reporting by Brad Dorfman; editing by Mark Porter/John Wallace)