Archer Daniels Midland Co. said Friday that second-quarter earnings rose 42 percent due to a one-time gain on the sale of Compagnie Industrielle et Financiere des Produits Amylces SA's interest in sugar producer Tate & Lyle.

Net income increased to $314 million, or 48 cents per share, from $221 million, or 34 cents per share, last year. The latest quarter includes a gain of $45 million, or 7 cents per share, related to an affiliate's sale of its Tate & Lyle stake.

Total revenue fell 1 percent to $9.06 billion from $9.19 billion last year.

The company said oilseeds processing earnings decreased as improved processing margins in Europe and Asia were offset by lower North and South American operating results. Corn processing earnings declined due to higher corn and energy costs.

Agricultural services' profit fell year-over-year as improved North American origination and transportation results were offset by a decline from the prior year's strong global grain merchandising results.

Source: Yahoo News