On Tuesday agricultural commodity processor Archer Daniels Midland Company (ADM) reported a steep drop in third quarter net income on flat revenues.
The Decatur, Illinois based company reported third quarter net income of $182 million, or 28 cents per share, a 60% decrease from $460 million, or 68 cents per share, a year earlier. Adjusting for one time charges, adjusted earnings per share for the quarter were 50 cents, down from 58 cents a year ago. Analysts polled by Thomson Reuters expected adjusted EPS to be just 35 cents.
Third quarter revenues were $21.80 billion, slightly down from $21.90 billion a year ago. Wall Street analysts expected higher revenues of $22.00 billion for the quarter.
Archer Daniels Midland shares were mostly flat in Wednesday morning trading.
Archer Daniels Midland Company (ADM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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