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ADM Profit Tops Estimates

Archer Daniels Midland Co reported higher-than-expected quarterly earnings. For the second quarter ended on Dec. 31, net profit was $732 million, or $1.14 per share, compared with $567 million, or 88 cents per share, a year earlier. Excluding gains from ADM's acquisition of Golden Peanut, earnings were $1.06 per Share. The Company said its revenue climbed 32 percent to $20.9 billion. The agricultural processor benefited from robust global grain demand and stronger ethanol margins and volumes as earnings in other business units, including wheat milling and cocoa processing, rose 19 percent to $212 million. Operating profit in oilseed processing declined 8 percent to $325 million on weaker results in Asia and Europe.