CHICAGO (AP) — CHICAGO (AP) — Archer Daniels Midland Co. (ADM) on Tuesday reported first-quarter net income of $729 million.
The Chicago-based company said it had profit of $1.42 per share. Earnings, adjusted for non-recurring costs, came to $1.46 per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.35 per share.
The agribusiness giant posted revenue of $21.85 billion in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $22.4 billion.
ADM expects full-year earnings in the range of $5.25 to $6.25 per share.
ADM shares have decreased 16% since the beginning of the year, while the S&P’s 500 index has risen slightly more than 7%. The stock has fallen 22% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ADM at https://www.zacks.com/ap/ADM
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