CHICAGO (AP) — CHICAGO (AP) — Archer Daniels Midland Co. (ADM) on Monday reported third-quarter earnings of $18 million.
The Chicago-based company said it had net income of 4 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.09 per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.26 per share.
The agribusiness giant posted revenue of $19.94 billion in the period, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected $20.63 billion.
ADM expects full-year earnings in the range of $4.50 to $5 per share.
ADM shares have declined 27% since the beginning of the year, while the S&P’s 500 index has increased 24%. In the final minutes of trading on Monday, shares hit $52.71, a drop of 29% 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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