January 29, 2020 / 10:00 PM / 24 days ago

CORRECTED-UPDATE 1-ADM profit beats estimates on strength in refined products unit

(Corrects operating profit number in paragraph 2 to $363 million, instead of $636 million, and to $72 million the prior year instead of $74 million, as erroneously reported)

Jan 29 (Reuters) - Archer Daniels Midland Co's quarterly profit beat estimates on Wednesday, as the U.S. grain trader's refined products unit benefited from strong global demand for both biodiesel and food oils.

Operating profit for the unit rose to $363 million in the quarter from $72 million in the year earlier.

"Our industry-leading array of products and solutions from nature is helping us give our customers an edge in meeting global demand in fast-growing consumer trend areas — from alternative proteins, to foods and beverages," said Chief Executive Officer Juan Lucian.

Net earnings rose 60% to $504 million, or 90 cents per share, for the fourth quarter ended Dec. 31.

The Chicago-based grain trader took $133 million asset impairment and restructuring charge in the quarter.

On an adjusted basis, the company earned 81 cents, beating the average analyst estimate of 69 cents, according to Refinitiv IBES.

Total revenue rose 2.4% to $16.33 billion.

Reporting by Arunima Kumar in Bengaluru and P.J. Huffstutter in Chicago; Editing by Shinjini Ganguli

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