Archer Daniels Midland Co., the nation's largest ethanol producer, said Tuesday that its fiscal third-quarter profit rose 4 percent, but the results fell short of Wall Street expectations, driving shares down more than 4 percent.

Net income for the three months ending March 31 rose to $362.9 million, or 56 cents per share, up from $347.8 million, or 53 cents per share, during the same period last year.

Revenue rose 25 percent to $11.38 billion from $9.12 billion a year earlier.

The consensus forecast of 11 analysts surveyed by Thomson Financial was for earnings of 61 cents a share on revenue of $9.65 billion.

ADM shares fell $1.71, or 4.4 percent, to $36.99 in morning trading on the New York Stock Exchange.

"We performed well in a challenging quarter," ADM Chairman and Chief Executive Officer Patricia Woertz said in a news release.

In particular, the company's oilseeds processing operating profit decreased due to lower biodiesel processing margins.

Agricultural services' operating profit also fell, according to ADM, due to lower global merchandising and handling results.

The company said results were helped by its corn processing operating profit, which increased due to lower operating costs and increased ethanol and sweetener selling prices, partially offset by higher net corn costs.