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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Archer Daniels Midland Company | NYSE:ADM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.59 | -2.58% | 60.08 | 61.32 | 59.79 | 61.15 | 4,165,377 | 01:00:00 |
By Angela Chen
Archer Daniels Midland Co. said its first-quarter sales fell 15% as the strong dollar and weak markets led to softness in its corn-processing business.
ADM's revenue missed expectations, though its earnings were stronger than expected.
The Chicago-based company buys oilseeds, grains and other commodities from farmers to make into ingredients that it then sells to food producers. ADM has sought to focus more on higher-margin businesses, such as specialty ingredients and flavorings. In December, the company agreed to sell its global cocoa business to Olam International Ltd. as it exits the volatile cocoa sector.
Profit for the company's corn-processing business fell to $127 million from $251 million due to lower ethanol volumes and weaker industry volumes.
ADM's oilseeds-processing business reported an operating profit of $483 million, up from $330 million a year ago, due to "favorable market conditions and delivered outstanding results," according to Chief Executive Juan Luciano.
He added that the company was able to leverage its ag services team to have "a good quarter overall, even as lower industry ethanol margins limited earnings in corn, and the strong dollar limited U.S. grain exports."
The company posted earnings of $493 million, or 77 cents a share, up from $267 million, or 40 cents a share, in the prior-year period.
Revenue fell to $17.51 billion from $20.67 billion.
Analysts had projected per-share earnings of 71 cents and revenue of $20.58 billion.
Shares of ADM, inactive premarket, have declined about 3% this year through Monday's close.
Write to Angela Chen at angela.chen@dowjones.com
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