CHICAGO — Archer Daniels Midland Co. (ADM) on Tuesday reported second-quarter profit of $276 million.
The Chicago-based company said it had net income of 48 cents per share. Earnings, adjusted for non-recurring costs, were 57 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.
The agribusiness giant posted revenue of $14.94 billion in the period.
ADM shares have decreased almost 8 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 10 percent. The stock has dropped slightly more than 6 percent in the last 12 months.
Keywords: Archer Daniels Midland, Earnings Report