UPDATE: Archer Daniels Midland Posts Upbeat Q2 Earnings

Archer Daniels Midland Co

reported a strong rise in its second-quarter earnings. The Decatur, Illinois-based company posted a quarterly profit of $533 million, or $0.81 per share, versus a year-ago profit of $223 million, or $0.34 per share. Excluding items, its earnings climbed to $0.77 per share from $0.46 per share. Its revenue slipped 4.6% to $21.5 billion. However, analysts were projecting a profit of $0.73 per share on revenue of $22.84 billion. Oilseeds operating profit rose $18 million from the year-ago period to $328 million, while Corn processing operating profit increased $69 million to $277 million. Agricultural Services operating profit also surged $122 million to $203 million in the quarter. ADM's costs of products sold declined 6.5% to $20.32 billion in the quarter. “In the second quarter, the ADM team continued to execute very well and delivered strong results. We capitalized on robust ethanol demand, a recovery of U.S. grain export volumes and continuing strong demand for oilseeds products,” ADM Chairman and CEO Patricia Woertz said. ADM shares fell 0.09% to $46.91 in pre-market trading.