(Dow Jones) -- Archer Daniels Midland Co.'s first-quarter earnings fell 33% as the agricultural giant continued to be hurt by the 2012 drought in the Midwest.
"As expected, this was a challenging quarter, with agricultural services negatively impacted by the ongoing effects of last summer's U.S. drought," Chief Executive Patricia Woertz said Wednesday. "In oilseeds, our earnings were reduced by challenges in Brazil and depressed margins in cocoa."
Profit from ADM's agricultural-services segment, which includes grain storage and exports, declined 42%, while the oilseeds-processing segment reported an income decline of 42%.
Woertz added, however, that the ethanol business improved as ...