UPDATE: ADM Posts Downbeat Q1 Earnings

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Archer Daniels Midland Co
ADM
reported weaker-than-expected first-quarter earnings. ADM's quarterly profit slipped to $267 million, or $0.40 per share, versus a year-ago profit of $269 million, or $0.41 per share. Its adjusted per-share earnings surged to $0.55 versus $0.46. Its revenue declined to $20.70 billion versus $21.73 billion. However, analysts were projecting earnings of $0.73 per share on revenue of $21.92 billion. ADM's segment operating profit rose 10% y/y to $691 million, while adjusted segment operating profit climbed 17% to $780 million. The company's press release offered the following comment from ADM Chairman and CEO Patricia Woertz: “Our businesses delivered mixed results in the first quarter.” Woertz added, “Our Ag Services business again generated weak results due to a low margin environment as well as logistics and weather challenges in the U.S. Continued strong performance in Corn was supported by the robust ethanol market. And the sustained, solid results in Oilseeds were driven by good margins and volumes in North and South American soybean crushing.” ADM shares fell 0.43% to $44.19 in pre-market trading.
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Posted In: EarningsNewsprofit
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