WASHINGTON (dpa-AFX) - Archer-Daniels-Midland Company (ADM), a food processing and commodities trading company, Tuesday reported lower profit for the second quarter, primarily impacted by decline in revenue. However, the company's earnings beat analysts' expectations.
Net earnings were $219 million or $0.45 per share for the second quarter, down from $486 million or $0.98 per share in the same quarter a year ago.
Excluding one-time items, earnings declined to $452 million or $0.93 per share from $508 million or $1.03 per share last year. On average, 7 analysts expected earnings of $0.80 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter declined to $21.166 billion from $22.248 billion in the previous year. The consensus estimate was for $21.81 billion.
Looking ahead, the company now expects adjusted EPS to be about $4 per share. Previously, it was expecting full-year adjusted EPS at the lower end of $4.00 to $4.75.
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