ADM Q3 Profits Plunge

NEW YORK - May 5/09 - SNS -- Archer Daniels Midland Company (ADM) reported net earnings of U.S. $8 million on revenues of $14,842 million for the third quarter ending March 31, compared to a net of $517 million on revenues of $18,708 million during the same three month period last year.

This lifted fiscal year to date earnings to $1,643 million on revenues of $52,675 million, compared to a net of $1,430 million on revenues of $48,032 million during the same nine-month period last year.

ADM blamed to drop in profits on "currency derivative losses" of the Company's equity investee, Gruma S.A.B. de C.V., and a $97 million income tax charge related to the Company's investment in Wilmar International Limited.

"While the quarterly results were adversely impacted by two significant, unusual items, our underlying performance was solid in view of the global economic conditions and the associated challenges faced by our industry," said Chairman of the Board and Chief Executive Officer Patricia Woertz.

Oilseeds Processing operating profit decreased primarily due to weaker demand in North America partially offset by improved results in Asia.

Corn Processing operating profit declined due principally to decreased Bioproducts results driven primarily by continued challenges in the ethanol industry.

Agricultural Services operating profit decreased as global supplies of agricultural commodities increased while demand slowed, which led to a contraction of market opportunities.

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