ADM Q1 profits spike on biofuels demand

ST. LOUIS (AP) - Archer Daniels Midland Co. says its first-quarter profit soared to more to $421 million from just $3 million in the same period last year, as global demand for biofuels boosted the company's corn processing business.

The Decatur, Illinois, company reports Tuesday it earned 65 cents per share, compared with zero cents per share last year.

The results still came in below Wall Street expectations, with analysts surveyed by Thomson Reuters forecasting a profit of 72 cents per share.

Revenue rose 2 percent, to $15.1 billion, from $14.8 billion last year.