CHICAGO (AP) — CHICAGO (AP) — Archer Daniels Midland Co. (ADM) on Tuesday reported second-quarter net income of $219 million.
The Chicago-based company said it had profit of 45 cents per share. Earnings, adjusted for non-recurring costs, were 93 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.
The agribusiness giant posted revenue of $21.17 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $21.11 billion.
ADM expects full-year earnings to be $4 per share.
ADM shares have climbed roughly 8% since the beginning of the year, while the S&P’s 500 index has risen almost 8%. The stock has dropped nearly 8% 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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