HUTCHINSON, Kan. — Archer Daniels Midland got the year off to a good start with a strong first quarter earnings report released Wednesday.
The oilseed company with five elevators in Hutchinson reported adjusted earnings per share of 64 cents compared with 46 cents for the same period a year ago.
Operating profit grew by more than $35 million to $643 million.
ADM spent most of 2019 in a series of cost-cutting moves and consolidation of business sectors to beef up the bottom line. The first quarter does not reflect possible challenges that lie ahead with the economic slowdown because of the current pandemic.
ADM employs about 55 workers in Hutchinson.