updated 8/1/2006 11:21:01 AM ET 2006-08-01T15:21:01

Archer Daniels Midland, a processor of oilseeds, corn and wheat, said Tuesday its fourth-quarter profit more than doubled, helped in part by a corn-processing profit jump on better ethanol prices.

Quarterly profit totaled $410.3 million, or 62 cents per share, compared with a profit of $195.5 million, or 30 cents per share, during the same period last year.

Results include an $8 million security gain, an $11 million gain from the sale of long-lived assets, a Brazilian tax credit of $18 million, a $28 million charge relating to asset impairment and a $9 million charge relating to asset retirement.

Revenue edged up 1 percent to $9.55 billion from $9.42 billion last year.

Analysts, on average, predicted a profit of 52 cents on revenue of $9.78 billion, according to a Thomson Financial poll.

ADM said oilseeds processing operating profit grew 61 percent to $195 million, helped by market conditions. Corn processing operating profit increased 69 percent to $286 million due to better ethanol and sweetener selling prices and volumes.

For the year, profit climbed 25 percent to $1.31 billion, or $2 per share, from $1.04 billion, or $1.59 per share, during the same period last year.

Revenue rose 2 percent to $36.6 billion, from $35.9 billion last year.

Copyright 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.94%
$30K home equity loan FICO 5.19%
$75K home equity loan FICO 4.58%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.40%
13.40%
Cash Back Cards 17.92%
17.91%
Rewards Cards 17.12%
17.11%
Source: Bankrate.com