Archer Daniels Midland Co. (ADM) reported that its first-quarter net earnings attributable to the company declined to $269 million, or $0.41 per share, from $399 million or $0.60 per share in the same period one year earlier.
Adjusted earnings per share for the quarter were $0.48, down from $0.78 in the same period last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.52 per share for the quarter. Analysts' estimates typically exclude special items.
The latest-quarter Adjusted earnings excluded approximately $34 million in pretax LIFO gains or $0.03 per share and other items that net to about $0.06 per share.
Meanwhile, net sales and other operating income for the quarter rose to $21.72 billion from $21.15 billion in the prior year quarter. Seven analysts had a consensus revenue estimate of $21.41 billion for the quarter.
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