Archer Daniels Midland Q1 net earnings down 53%

Archer Daniels Midland Company, a supplier of cocoa and chocolate ingredients, has reported that its net earnings for the first quarter ended September 30, 2009 were $496 million or $0.77 per share, down 53%, compared to $1.04 billion or $1.62 per share for the first quarter ended September 30, 2008.

The company's net sales for the first quarter ended September 30, 2009 were $14.9 billion, a decrease of 29%, compared to $21.16 billion for the first quarter ended September 30, 2008.

Patricia Woertz, chairman and CEO of the company, said: "Earnings were significantly better than the second half of fiscal 2009. As we advance our growth strategy, we are using our financial strength to build shareholder value. Looking ahead, we see demand improving in some key markets, and we have the assets and acumen to capture value as the global economy resets."

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