Archer Daniels Midland tops 1Q profit expectations, misses revenue forecasts

IndustriesAssociated Press

Archer Daniels Midland Co. (ADM) on Tuesday reported first-quarter net income of $493 million.

On a per-share basis, the Decatur, Illinois-based company said it had profit of 77 cents.

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The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share.

The agribusiness giant posted revenue of $17.51 billion in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $20.45 billion.

ADM shares have dropped 3 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed roughly 3 percent. The stock has risen 16 percent in the last 12 months.

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

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Keywords: Archer Daniels Midland, Earnings Report