ADM misses Street 3Q forecasts

Archer Daniels Midland Co. (ADM) on Tuesday reported third-quarter profit of $192 million.

The Chicago-based company said it had profit of 34 cents per share. Earnings, adjusted for non-recurring costs, came to 45 cents per share.

The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.

The agribusiness giant posted revenue of $14.83 billion in the period, which also missed Street forecasts. Three analysts surveyed by Zacks expected $15.63 billion.

ADM shares have dropped 6 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 15 percent. The stock has declined almost 2 percent in the last 12 months.

_____

This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on ADM at https://www.zacks.com/ap/ADM