ADM earnings beat estimates

Agribusiness giant Archer Daniels Midland, with grain processing operations in Cedar Rapids and Clinton, on Tuesday reported higher-than-expected second-quarter earnings, citing strong U.S. exports and demand for ethanol.

Chicago-based ADM reported net earnings of $533 million, or 81 cents per share, up from $223 million, or 34 cents per share, a year earlier.

Adjusted earnings rose to 77 cents per share from 46 cents. Analysts on average had expected 73 cents, according to Thomson Reuters.

Revenue was $21.5 billion, down from $22.5 billion a year earlier.

Oilseeds operating profit of $328 million represented an increase of $18 million from the same period a year earlier. Corn processing operating profit of $277 million represented an increase of $69 million from the second quarter of 2013.

'In the second quarter, the ADM team continued to execute very well and delivered strong results,” said ADM Chairwoman and CEO Patricia Woertz. 'We capitalized on robust ethanol demand, a recovery of U.S. grain export volumes and continuing strong demand for oilseeds products.”

Woertz said ADM is preparing for what is expected to be large corn and soybean harvests. She also confirmed that the company expects to sell its global chocolate business by the end of the third quarter.

In April, ADM said it would keep its cocoa presses but still sell its chocolate business after long-running negotiations to sell both operations to a buyer collapsed.