UPDATE: Archer Daniels Midland Posts Drop In Q2 Profit

Archer Daniels Midland Co

reported a drop in its second-quarter profit. Archer Daniels Midland's quarterly profit declined to $223 million, or $0.34 per share, from $284 million, or $0.43 per share, in the year-ago period. Excluding one-time items, it earned $0.46 per share. Its revenue dropped to $22.5 billion from $22.7 billion. However, analysts were estimating earnings of $0.43 per share on revenue of $22.69 billion. Archer Daniels Midland shares closed at $37.86 yesterday.