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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Graincorp Limited | ASX:GNC | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.85 | 9.31 | 8.43 | 0.00 | 22:12:44 |
Archer Daniels Midland Co.'s (ADM) second-quarter earnings fell 21%, partly due to an increased provision for a legal matter, while the U.S. grain trader and processor's sales weakened.
ADM's agricultural services segment, which includes grain storage and exporting, has been challenged by tight U.S. supplies stemming from last year's drought, the worst in decades in the U.S. The company has previously warned the pressure on agricultural services may persist until autumn in the U.S.
Meanwhile, GrainCorp Ltd. (GNC.AU), Australia's largest grain company, accepted ADM's sweetened A$3.4 billion takeover offer in April after being pursued for six months. The deal will give the Illinois-based company control of seven of the eight ports on Australia's east coast, the gateway to Asia's booming food market, and 90% of the grain shipped from it.
ADM also confirmed in June it was in talks to sell its cocoa business, which accounted for 4.2% of its total revenue last year.
ADM reported a profit of $223 million, or 34 cents a share, down from $284 million, or 43 cents, a year earlier. Excluding items such as foreign-currency hedging losses and additional provisions related to a Foreign Corrupt Practices Act matter, adjusted earnings rose to 46 cents from 38 cents. Sales declined 0.6% to $22.54 billion.
Analysts polled by Thomson Reuters had most recently forecast per-share earnings of 44 cents on revenue of $22.87 billion.
Gross margin was flat at 3.6%.
ADM, the U.S. Department of Justice and the U.S. Securities and Exchange Commission have been in discussions about a previously disclosed FCPA matter dating back to 2008 and earlier. Based upon recent progress, ADM said it increased its provision to $54 million from the $25 million established in the first quarter.
Shares closed Monday at $37.86 and were inactive premarket. The stock is up 38% so far this year.
Write to Melodie Warner at melodie.warner@dowjones.com
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