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Archer Daniels Midland sees quarterly adjusted earnings beat forecasts, although revenues light

The firm posted second quarter net income of US$276mln, or 48 US cents per share, down from US$284mln, or 48 US cents per share a year earlier, while adjusted per-share earnings of 57 US cents were ahead of the consensus forecast of 52 US cents

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However, the Chicago-headquartered group’s quarterly revenue of US$14.9bn, down from US$15.6bn a year earlier, was below the consensus forecast of US$16.1bn

Archer Daniels Midland Company (NYSE:ADM-A) saw its shares rise in pre-market trading after the food processing and commodities trading firm saw its adjusted earnings beat expectations although a fall in revenues was bigger than forecast.

The NYSE-listed company posted second quarter net income of US$276mln, or 48 US cents per share, down from US$284mln, or 48 US cents per share a year earlier, while adjusted per-share earnings of 57 US cents were ahead of the consensus forecast of 52 US cents.

However, the Chicago-headquartered group’s quarterly revenue of US$14.9bn, down from US$15.6bn a year earlier, was below the consensus forecast of US$16.1bn.

Archer Daniels CEO, Juan Luciano said: "We are aggressively managing costs and capital, and taking additional portfolio actions; and we are ahead of pace to meet our 2017 target of $225 million in run-rate savings."

In pre-market New York trading, Archer Daniels shares – which have lost 7.6% in the year to date - were up around 1% at US$42.18.

Quick facts: Archer Daniels Midland

Price: 50.5 USD

NYSE:ADM
Market: NYSE
Market Cap: $28.1 billion
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