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Article: Archer Daniels Midland profit falls on weak demand
- Article from:
- AP Worldstream
- Article date:
- November 3, 2009
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Archer Daniels Midland Co. said Tuesday that its first-quarter profit tumbled 53 percent as the global recession dragged down demand for crops and ethanol, but demand is improving in some key markets.
Patricia Woertz, the company's chairman and CEO, said sales improved from the first half of 2009, and the company was seeing some stronger demand as the U.S. economy pulls out of recession.
"We did see overall operating conditions in the quarter improve," Woertz told analysts during a conference call. "Decline in demand for food, feed and fuel seems to be bottoming" out.
The Decatur, Illinois, company said it earned $496 million, or 77 cents per share, ...