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Archer Daniels Midland Co.
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Archer Daniels Midland Co.
The Decatur, Ill.-based company said Tuesday that first-quarter profit tumbled 53 percent as the recession dragged down demand for crops and ethanol, but demand is improving in some key markets. ADM said it earned $496 million, or 77 cents per share, compared with $1.04 billion, or $1.62 per share, last year. Analysts surveyed by Thomson Reuters had forecast a profit of 57 cents per share. Revenue fell 29 percent, to $14.92 billion, from $21.16 billion, dragged down by declines in commodity costs.
Kraft FoodsThe nation's largest foodmaker said Tuesday that slower sales, lower retail food prices and the comparison with a gain a year ago helped cut its third-quarter profit 40 percent, but Kraft raised its forecast for the year. The company reported that it earned $824 million, or 55 cents per share, for the quarter ended Sept. 30. That's compared with $1.36 billion or 91 cents per share last year, when the results included the Post Cereal business that Kraft has since sold. Revenue fell nearly 6 percent to $9.8 billion, hurt by the stronger dollar's impact.
MasterCard Inc.Cost-cutting and a small worldwide increase in transactions bolstered third-quarter profit at the credit card and global payments processor. MasterCard reported that it earned $452.2 million, or $3.45 per share, in the quarter ended Sept. 30. It lost $193.6 million, or $1.48 per share, in the same quarter last year. Revenue edged up to $1.36 billion from $1.34 billion a year ago.
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