Archer-Daniels-Midland Posts Mixed Results (ADM)

Archer-Daniels-Midland Company ADM on Tuesday morning released financial results that missed Wall Street earnings estimates, while beating revenue expectations. Archer-Daniels-Midland Company reported that its fiscal 1st quarter net earnings fell to$345 million, or 54 cents per share, down from $496 million, or 77 cents per share, a year earlier. Revenue rose to $16.8 billion, up from $14.92 billion a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 75 cents per share, on revenue of $15.66 billion. Chairman and chief executive officer Patricia Woertz said, “The ADM team performed solidly in both corn and oilseeds with both businesses well positioned to meet demand. Agricultural Services results were impacted by crop supply shifts early in the quarter. As we look at markets today, global demand is generally strong. This presents ADM with the opportunity to grow shareholder value by doing what we do best: use our assets and our acumen to connect crops from regions where they're available to markets where they're needed.” Archer-Daniels-Midland Company (ADM) ended the previous trading session at $33.39 per share. Analysts covering the company's stock have a consensus price target of $37.25 per share. Read more from Benzinga's Company news.