ADM reports decline in second-quarter earnings
A roundup of business news.
DECATUR — Archer Daniels Midland Co. reported net earnings of $223 million for the quarter that ended June 30, down from $284 million for the same quarter a year ago.
For shareholders, that translated to diluted earnings per share of 34 cents, down from 43 cents for the same quarter a year ago.
Operating profit for the corn-processing segment increased greatly, largely due to improved results for ethanol. But profit for the oilseeds-processing and agricultural-services segments declined in the second quarter from the comparable one in 2012.
Grain processor acquiring railcar-repair firm
MAUMEE, Ohio — The Andersons Inc. has agreed to acquire Mile Rail, a railcar repair and cleaning provider based in Kansas City, Mo.
"This acquisition enhances and complements The Andersons' current railcar repair network by expanding our geographical footprint and business mix," said CEO Mike Anderson.
Mile Rail repairs and cleans railcars containing a range of non-hazardous, hazardous and food-grade products and wastes. The work is done from its headquarters in Kansas City and satellite locations in Nebraska, Kansas and Indiana.
The transaction is set to be finalized in the third quarter.
Summer carnival set Saturday at Country Fair
CHAMPAIGN — Champaign Gymnastics Academy will host a summer carnival from 3 to 8 p.m. Saturday at its location in Champaign's Country Fair Shopping Center.
Activities will include a 60-foot obstacle course, face painting by The Joy of Facepainting, airbrush tattoos, a dunk tank, carnival games, a crazy hair salon, in-gym action photos with a photographer and an area for kids 5 and younger with a bounce house. Hamburgers, hot dogs, chips and other refreshments will be available.
Everyone who attends will be entered in academy raffles for free class sessions, birthday parties and merchandise.
Information is available from Ashley Lebeau, events coordinator at the academy at 398-4242. The center is at 219 S. Mattis Ave., C.