Archer Daniels Midland Co. reported weaker-than-expected earnings and revenue on a sharp decline in its corn- and oilseed-processing businesses, sending its stock down more than 17 percent.

The company cited excess capacity in the corn-processing and oil-processing businesses for the declines in operating profit in those sectors.

Earnings for the Decatur, Ill. company were $269.1 million, or 41 cents a share, in the fiscal third quarter ended March 31. That compares with $226.8 million, or 35 cents a share, a year earlier.

But excluding an 11-cents-a-share gain from the sale of a stake in British sweetener company Tate & Lyle Plc, earnings were 30 cents a share.

The earnings from operations were in sharp contrast to competitor Bunge Ltd., the world's largest oilseed processor, which posted a 40 percent increase in quarterly profit.

Source: Yahoo News