Archer Daniels Midland Profit Beats Estimates, But Revenue Falls Short

By Andrea Riquier Markets MarketWatch Pulse

Archer Daniels Midland Company on Tuesday reported net income of $276 million, or 48 cents per share, versus $284 million, or 48 cents per share, in the year-ago period. Adjusted per-share earnings were 57 cents, ahead of the FactSet consensus of 52 cents. The company had $14.9 billion of revenue, down from $15.6 billion a year ago, and missing the FactSet consensus of $16.1 billion. "We are aggressively managing costs and capital, and taking additional portfolio actions; and we are ahead of pace to meet our 2017 target of $225 million in run-rate savings," CEO Juan Luciano said in a statement. Shares have lost 7.6% so far in the year to date, while the S&P 500 has gained 10.3%.

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