Posted on 01/31/2004 10:14:02 AM PST by Tumbleweed_Connection
Archer Daniels Midland Co. said fiscal second-quarter earnings soared 68 percent to $221 million, or 34 cents a share, on improved performance in all of its major business segments, handily beating Wall Street's expectations. The agribusiness giant said that without a one-time charge of 3 cents a share for asset abandonment, ADM would have earned 37 cents a share for the latest quarter. Analysts surveyed by Thomson First Call were looking for earnings before charges of 27 cents a share. Revenues for the quarter totaled $9.2 billion, up 18 percent. In other earnings news: GATX Corp., which leases airplanes and railroad cars, swung to a profit in the fourth quarter, but cut its quarterly dividend 38 percent to 20 cents a share. The company earned $27.6 million, or 55 cents a share, compared with a year-earlier loss of $29.4 million. Unitrin Inc. swung to a profit in the fourth quarter, earning $44.4 million, or 66 cents a share, compared with a loss of $3.7 million a year earlier. The insurance and consumer-finance company credited the showing to higher operating profits and increased gains from investments. U.S. Steel Corp. reported a net loss for the fourth quarter following a year in which the company pared down its work force and shed a money-losing online venture. But its sales jumped with the acquisitions of steel companies in the United States and Europe, and its stock price rose 4 percent. The world's largest integrated steel company reported a loss of $27 million, or 26 cents per share, in the last three months of 2003, compared with a profit of $11 million, or 10 cents per share, for the same period in 2002. The loss includes dividend payments on preferred stock of $5 million. Steel experts said they were surprised that the company was able to integrate as rapidly as it did following a year of acquisitions and extensive job cuts. Revenues jumped 42 percent to $2.7 billion.
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