Archer Daniels Midland profit falls on weak demand

November 03, 2009

Archer Daniels Midland says its first-quarter profit tumbled 53 percent as the global recession dragged down demand for crops and ethanol.

The company said Tuesday that it earned $496 million, or 77 cents per share, compared with $1.04 billion, or $1.62 per share, last year. Analysts expected a profit of 57 cents per share.

Revenue fell 29 percent, to $14.9 billion.

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