DECATUR, Ill. -- Archer Daniels Midland reported net earnings for the quarter ended Sept. 30, 2006 more than doubled to $403 million ($.61 per share) from $186 million ($.29 per share) last year.



"ADM delivered near-record performance in the first quarter," said ADM CEO and President, Patricia A. Woertz. "Our earnings, more than double those of a year ago, reflect strong momentum in our core businesses. However, we will continue to experience the challenges of dealing with volatile commodity prices."



Oilseeds Processing operating profit increased on improved market conditions in all geographic regions. Corn Processing operating profit increased due to improved ethanol and sweetener selling prices. Agricultural Services operating profit increased due to improved global merchandising and transportation results. Other segment operating profit declined primarily due to decreased results of Food, Feed and Industrial.



A replay of the Web cast about ADM's first quarter results and business update is available on the ADM World Web site.



Archer Daniels Midland Company is a world leader in agricultural processing and fermentation technology. ADM is one of the world's largest processors of soybeans, corn, wheat and cocoa. ADM is also a leader in the production of soybean oil and meal, ethanol, corn sweeteners and flour. In addition, ADM produces value-added food and feed ingredients. Headquartered in Decatur, Ill., ADM has more than 26,000 employees, more than 240 processing plants and net sales for the fiscal year ended June 30, 2006 of $36.6 billion.



SOURCE: ADM via PR Newswire.