ADM Profit Misses Estimates After U.S. Grain Exports Decline
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Archer Daniels Midland Co., the world’s largest grain processor, reported an 89 percent drop in second-quarter profit, missing analysts’ estimates, after a slump in U.S. grain exports cut earnings at its trading unit.
Net income fell to $80 million, or 12 cents a share, in the three months ended Dec. 31, from $732 million, or $1.14, a year earlier, the Decatur, Illinois-based company said today in a statement. Earnings excluding inventory costs and a charge related to ADM’s decision to quit a bio-plastics business were 51 cents a share. The average of 12 estimates compiled by Bloomberg was for 76 cents.