CHICAGO (AP) — CHICAGO (AP) — Archer Daniels Midland Co. (ADM) on Tuesday reported first-quarter net income of $298 million.
On a per-share basis, the Chicago-based company said it had net income of 62 cents. Earnings, adjusted for asset impairment costs and non-recurring costs, came to 71 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 66 cents per share.
The agribusiness giant posted revenue of $20.49 billion in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $21.11 billion.
ADM expects full-year earnings in the range of $4.15 to $4.70 per share.
ADM shares have increased 33% since the beginning of the year, while the S&P’s 500 index has risen 5%. The stock has risen 59% in the last 12 months.
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