Archer Daniels Midland Q2 Profit More Than Doubles, Tops Estimates - Quick Facts

(RTTNews) - Grain processor Archer Daniels Midland Co. (ADM) reported that its second-quarter net earnings attributable to the company significantly increased to $533 million or $0.81 per share, from $223 million or $0.34 per share in the same quarter last year.

Adjusted earnings per share were $0.77, up from $0.46 in the same period last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.73 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted earnings per share of $0.77 excluded approximately $73 million in pretax LIFO income, or $0.07 per share, and $31 million in pretax costs related to restructuring, or about $0.03 per share.

But, quarterly revenues dropped to $21.49 billion from $22.54 billion in the year ago quarter. Wall Street analysts had a consensus revenue estimate of $22.84 billion for the quarter.