Archer Daniels Midland Co. (ADM: Quote) reported third quarter net earnings attributable to ADM of $399 million or $0.60 per share, lower than $578 million or $0.86 per share a year ago.
Adjusted earnings per share dropped to $.78 from $.89 in the same quarter a year ago.
On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.59 per share. Analysts' estimates typically exclude special items.
Net sales and other operating income were up to 21.16 billion from $20.08 billion in the prior-year quarter. Analysts expected revenues of $21.38 billion.
"This quarter, we delivered very good results despite difficult margin environments, particularly in ethanol and European oilseeds," said ADM Chairman and CEO Patricia Woertz. "The strong third quarter last year set a high bar, and this quarter represents a solid performance by the team."
"Looking ahead, planting is underway in North America, and we're encouraged by the projected corn and soybean acreage," added Woertz.
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by RTT Staff Writer
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