Archer Daniels Beats Profit Expectations, But Sales Fall Below Forecasts

Agricultural products company Archer Daniels Midland Co. reported on Tuesday a first-quarter profit that rose to $493 million, or 77 cents a share, from $267 million, or 40 cents a share. That beat the FactSet consensus of 71 cents a share. Revenue dropped to $17.51 billion from $20.7 billion, missing the FactSet consensus of $20.45 billion. The company said strength in its oilseeds and ag services business were offset by lower industry ethanol margins, which hurt its corn business, and the strong dollar, which limited grain exports. The stock, which was still inactive in premarket trade, has lost 3.2% year to date, while the S&P 500 has gained 2.7%.