CHICAGO (AP) — CHICAGO (AP) — Archer Daniels Midland Co. (ADM) on Tuesday reported fourth-quarter earnings of $456 million.
The Chicago-based company said it had net income of 94 cents per share. Earnings, adjusted for one-time gains and costs, were 87 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.
The agribusiness giant posted revenue of $18.56 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $22.31 billion.
For the year, the company reported profit of $1.08 billion, or $2.23 per share. Revenue was reported as $80.27 billion.
ADM expects full-year earnings in the range of $3.60 to $4.25 per share.
ADM shares have climbed 18% since the beginning of the year, while the S&P’s 500 index has increased roughly 2%. The stock has increased 33% 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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