Agricultural processor Archer Daniels Midland says its fiscal first-quarter earnings rose 33 percent thanks mostly to an accounting change. Beyond that, the company made less money processing oil seeds and corn, and its operating profit fell. The Decatur, Ill., company earned $460 million, or 68 cents per share, compared with $345 million, or 54 cents per share, a year earlier.

Adjusted for one-time items including inventory adjustments, ADM made 58 cents per share, down from 67 cents a year earlier. Net sales were $21.9 billion, up from $16.8 billion. Analysts expected a profit of 67 cents per share on revenue of $19.12 billion.

ADM says it offset some cost pressures through hedging. It’s seeing a smaller U.S. harvest than last year, but says global demand for crops remains solid. ADM has four elevators operating in Hutchinson.