CHICAGO (AP) — CHICAGO (AP) — Archer Daniels Midland Co. (ADM) on Tuesday reported first-quarter profit of $295 million.
The Chicago-based company said it had net income of 61 cents per share. Earnings, adjusted for asset impairment costs, came to 70 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 69 cents per share.
The agribusiness giant posted revenue of $20.18 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $20.69 billion.
ADM expects full-year earnings in the range of $4 to $4.75 per share.
ADM shares have declined 6% since the beginning of the year, while the S&P’s 500 index has decreased nearly 4%. The stock has decreased 20% 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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