Archer Daniels Midland Earnings Fall
DECATUR, Ill. (
) -- Agricultural commodities company
Archer Daniels Midland
(ADM) - Get Report
earnings fell in the second quarter amid lower average selling prices.
Net earnings attributable to Archer Daniels Midland fell to $567 million from $578 million the previous year.
Net earnings including noncontrolling interests fell to $561 million from $579 million.
Archer Daniels reported earnings per common share of 88 cents compared with 90 cents in the year-ago period, and net sales of $15.9 billion compared with $16.7 billion in the year-ago period.
The company explains that increased sales volumes this quarter were offset by lower average selling prices, resulting primarily from year-over-year decreases in underlying commodity costs.
Analysts surveyed by Thomson Reuters expected earnings of 72 cents on revenue of $16.5 billion.
Shares in the company were trading hands at $30.92 30 minutes after the opening bell, on a gain of 76 cents, or 2.5%.
-- Reported by Andrea Tse in New York
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