Archer-Daniels-Midland Down 6.8% On Earnings Miss (ADM)

Shares of Archer-Daniels-Midland Company ADM are trading down 6.8% at $31.11 per share during the Tuesday afternoon trading session. The day's trading range for shares of Archer-Daniels-Midland Company has been between $30.50 and $32.26 per share. Analysts covering the company's stock give it a consensus price target of $37.25 per share. Volume of 15.3 million shares is nearly triple the daily average volume of 5.5 million shares. Archer-Daniels-Midland Company (ADM)announced on Tuesday morning that it failed to meet Wall Street earnings estimates, while beating revenue expectations. Archer-Daniels-Midland Company announced fiscal 1st quarter earnings per share of 54 cents, on revenue of $16.8 billion. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for 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.” Read more from Benzinga's Company news.