ADM tops 3Q earnings expectations, misses revenue forecasts

MarketsAssociated Press

DECATUR, Ill. (AP) — Archer Daniels Midland Co. (ADM) on Tuesday reported profit of $747 million in its third quarter.

On a per-share basis, the Decatur, Illinois-based company said it had profit of $1.14. Earnings, adjusted for non-recurring gains, came to 81 cents per share.

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The results beat Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 76 cents per share.

The agribusiness giant posted revenue of $18.12 billion in the period, which missed Street forecasts. Analysts expected $21.24 billion, according to Zacks.

ADM shares have risen nearly 9 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 9 percent. The stock has increased 16 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. ADM stock research report from Zacks.

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Keywords:ADM,Earnings Report