ADM Second-Quarter Profits Drop Nearly 90%
Misses analysts’ estimates after corn costs rise
Archer Daniels Midland Co. (ADM), the world’s largest grain processor, posted a second-quarter profit that missed analysts’ estimates after oilseed earnings fell and corn costs rose.
Net income fell 89 percent to $80 million, or 12 cents a share, in the three months ended Dec. 31, from $732 million, or $1.14, a year earlier, the Decatur, Illinois-based company said on Jan. 31 in a statement. Earnings adjusted for inventory and impairment charges were 51 cents, lower than the 76-cent average of 12 estimates compiled by Bloomberg. Sales rose 11 percent to $23.3 billion from $20.9 billion.
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