Archer Daniels Midland Co. said Tuesday it had net income of $252 million. or 41 cents a share, in the third quarter, down sharply from $747 million, or $1.14 a share, in the year-earlier period. Adjusted per-share earnings came to 60 cents, below the FactSet consensus of 70 cents. Revenue fell to $16.565 billion from $18.117 billion, and also fell short of the FactSet consensus of $17.676 billion. "Ag Services earnings were limited by lower margins and volumes of North American exports, due to the continued strength of the U.S. dollar and ample global crop supplies, particularly from South America," Chief Executive Juan Luciano said in a statement. " "In corn, we continue to confront very weak industry ethanol margins, while sweeteners and starches results remain solid amid tight supplies." Shares fell 2.8% in premarket trade, and are down 11% in the year so far, while the S&P 500 has gained 2%.
Copyright © 2015 MarketWatch, Inc.