Archer Daniels Misses On Fourth-quarter Sales And Profit

Archer Daniels Midland, a food processing and commodities trading company, missed fourth-quarter sales and earning expectations Tuesday. The company reported net income of $718 million, or $1.19 a share, up from $701 million, or $1.08 per share, in the year-earlier period. Archer Daniels reported adjusted earnings per share of 61 cents, below the FactSet consensus of 64 cents. The company reported revenue of $16.45 billion, down from $20.89 billion in the year-earlier period and below the FactSet consensus of $19.4 billion. The company CEO cited the global economy's effect on U.S. agriculture, U.S. ethanol and international soybean industry for the lower profits. For 2016, the company raised its dividend by 7% to 30 cents a share with share repurchases between $1 billion and !1.5 billion.