By P.J. Huffstutter and Arunima Kumar
By P.J. Huffstutter and Arunima Kumar
CHICAGO/BENGALURU, Jan 29 (Reuters) – U.S. grains dealer Archer Daniels Midland Co’s ADM.N fourth quarter revenue topped Wall Avenue expectations on Wednesday, pushed by its vitamin enterprise and refined merchandise unit, which incorporates biodiesel and meals oils.
ADM launched earnings outcomes after the market closed and its inventory rose 3.15%, to $45.06 a share, in after-hours buying and selling.
The corporate stated it received a lift from the passage by U.S. lawmakers of a retroactive biodiesel tax credit score late final yr, which allowed for a $1-per-gallon subsidy for gas produced from cooking oil, soybean oil and animal fat.
Even absent the tax credit score, outcomes have been robust as a result of world demand for these merchandise, the Chicago-based agency stated.
Its largest phase by way of income, Ag Companies and Oilseeds, carried out higher however confronted quite a few challenges, together with a delayed corn and soybean harvest within the United…