CHICAGO (AP) — CHICAGO (AP) — Archer Daniels Midland Co. (ADM) on Tuesday reported third-quarter net income of $821 million.
On a per-share basis, the Chicago-based company said it had profit of $1.52. Earnings, adjusted for asset impairment costs and non-recurring costs, were $1.63 per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.50 per share.
The agribusiness giant posted revenue of $21.7 billion in the period, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $23.22 billion.
ADM shares have declined 22% since the beginning of the year, while the S&P's 500 index has risen almost 10%. The stock has fallen 19% in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ADM at https://www.zacks.com/ap/ADM