Archer Daniels Midland 2Q Profit Falls
By The Associated Press
Archer Daniels Midland says its net income fell 22 percent in the second quarter as expenses climbed.
The agribusiness company also says it more than doubled its provision for a possible settlement of an overseas bribery probe that's being conducted by the federal government.
The Decatur-based company has been in discussions with the U.S. Department of Justice and the Securities and Exchange Commission over possible violations of the Foreign Corrupt Practices Act. The potential violations mostly relate to grain and feed exports. The period in question dates back to 2008 and earlier.
ADM earned $223 million, or 34 cents per share, for the period ended June 30. That's down from $284 million, or 43 cents per share, a year ago.
Removing acquisition-related costs and other items, earnings were 46 cents per share.
Revenue dipped 1 percent to $22.54 million.