ADM Earnings Exceed Estimates on Record Soybean Capacity
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Archer-Daniels-Midland Co., the world’s largest corn processor, reported fiscal second-quarter profit and revenue that topped analysts’ estimates as its U.S. soybean-crushing operations ran at record capacity.
Earnings excluding inventory gains and other items was 60 cents a share in the three months through December, the Decatur, Illinois-based company said today in a statement. The average of 11 estimates compiled by Bloomberg was for 58 cents. Sales increased 6.9 percent to $24.9 billion, exceeding the $22.7 billion average of seven estimates.