DECATUR, Ill. (
Archer Daniels Midland
reported a rise in third-quarter earnings, but its earnings came in below Wall Street expectations.
Archer Daniels reported third-quarter net earnings of $421 million, or 65 cents a share, compared with $3 million, or breakeven on a per-share basis, the year before. Net earnings rose due to a $442 million pretax increase in segment operating profit, a $30 million after-tax favorable impact from changing LIFO inventory valuations and a lower income tax expense. These were partially offset by after-tax debt-buyback costs of $47 million.
Net sales rose to $15.145 billion compared with $14.842 billion the year before.
Archer Daniels said that overall the quarter was helped by profit improvement in its oilseeds processing segment, its corn processing operations on stronger bioproducts results, and its agricultural services segment as the company saw a good global supply of grains and oilseeds and modestly improving demand.
Analysts on average were expecting earnings of 71 cents a share on revenue of $15.65 billion.
-- Reported by Andrea Tse in New York
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