The economic downturn has cut Archer Daniels Midland Co.'s quarterly profits 83%, dragging share prices down 4.6%, Reuters reported. Its net earnings slid to $64 million, or 10 cents per share, for the fiscal's fourth quarter ended June 30, from $372 million, or 58 cents per share, in 2008. ADM's quarterly revenue slipped to $16.5 billion. It was $21.8 billion for the same period in 2008.
In the corn-processing segment, the company reported a net loss of $11 million compared with a year-earlier profit of $262 million. Its oilseeds processing segment dropped to $227 million from $375 million a year earlier and its agricultural services showed a $17 million net loss compared with a profit of $106 million a year ago.
