Archer Daniels Profit Narrows; Shares Sink

P/>Archer Daniels Midland(ADM Quote) fell short of Wall Street forecasts with its first-quarter earnings Tuesday on weakening demand worldwide for its agricultural and food products.

The Decatur, Illinois, conglomerate reported an adjusted per-share profit -- excluding a big loss related to an investment -- of 37 cents a share. Analysts were expecting 49 cents a share, according to a survey by Thomson Reuters.

The company's top line also disappointed. Compared with last year's first quarter, revenue declined 21% to $14.8 billion, below analysts' targets of $16.9 billion.

Including items, Archer reported a narrow profit: $8 million, or a 1 cent a share, down from $517 million, or 80 cents a share, a year ago. ...