Archer-Daniels-Midland Q2 Profit Matches View, But Revenues Miss

(RTTNews) - Archer-Daniels-Midland Co. (ADM) reported that its second-quarter net earnings attributable to the company declined to $235 million or $0.42 per share from $566 million or $1.00 per share last year.

The latest-quarter results included a charge of $0.18 per share related to asset impairment and restructuring charges, a $0.03 per share charge related to LIFO, and a $0.03 per share tax benefit related to the U.S. tax reform transition tax and certain other discrete items.

Adjusted earnings per share were $0.60 from $1.02 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.60 per share. Analysts' estimates typically exclude special items.

Revenues for the quarter declined to $16.30 billion from $17.07 billion in the prior year. Analysts expected revenues of $16.82 billion.