Agribusiness conglomerate Archer Daniels Midland says its fiscal fourth-quarter earnings fell 15 percent as a higher tax rate offset surging revenue.
The Decatur, Ill., company said Tuesday it earned $381 million, or 58 cents per share. That compares with $446 million or 69 cents per share in the second quarter of 2010.
Revenue leaped 46 percent to $22.87 billion from $15.7 billion.
The results may surprise Wall Street. Analysts expected a profit of 85 cents per share on revenue of $19.55 billion, according to FactSet.
Archer Daniels Midland Co. says its taxes more than tripled to $385 million. That was due to some one-time items and changes in the company's geographic focus. That more than offset an $89 million increase in operating profit.
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