ADM misses Wall Street forecast
(Adds comparison with other food processors, comments from conference call)
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Higher corn prices and lower than expected profit in agricultural services accounted for much of the earnings shortfall, analysts said.
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Canada Goose Parka Earnings climbed 4 percent to $362.9 million, or 56 cents per share, in the fiscal third quarter that ended March 31, compared with $347.8 million, or 53 cents per share, a year earlier. Canada Goose Parka
The 2007 quarter included a gain of $33 million from the sale of the Arkady food ingredient business.
canada goose coats Excluding one time items, ADM canada goose outlet store new york earned 51 cents per share, compared with Wall Street forecasts for 61 cents per share, canada goose outlet 80 off according to Reuters Estimates. canada goose coats
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canada goose think this is a particularly challenging quarter and there is upside to this segment going forward, Chief Executive Patricia Woertz said on a conference call. canada goose
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ADM did not encounter the same hedging losses as Bunge but saw earnings fall in agricultural services for a variety of reasons, including frozen rivers, Woertz said.
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ADM shares fell $2.46, or 6.3 percent, at $36.24 on the New York Stock Exchange after falling as low as $35.50.
canada goose uk black friday ADM has outperformed the food processing sector, fueled by strong demand for alternative fuels made from crops. (Additional reporting by Brad Dorfman) canada goose uk black friday.