ADM: 2Q Earnings Snapshot
CHICAGO (AP) _ Archer Daniels Midland Co. (ADM) on Tuesday reported second-quarter earnings of $566 million.
The Chicago-based company said it had net income of $1 per share. Earnings, adjusted for one-time gains and costs, came to $1.02 per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 78 cents per share.
The agribusiness giant posted revenue of $17.07 billion in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $15.8 billion.
ADM shares have increased 18 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed nearly 5 percent. The stock has climbed 13 percent in the last 12 months.