NEW YORK (TheStreet) -- Shares of Archer-Daniels-Midland Company (ADM) are down -2.95% to $43.07 after the agribusiness company today reported financial results for the first quarter that were lower-than-expected as poor margins and harsh U.S. weather hurt its core grain-trading business, Reuters reports.
ADM said its grain trading business was stuck in a "low-margin environment" during the first quarter after weakness in the agricultural services unit contributed to a 27% loss in fourth-quarter earnings, Reuters noted.
The company reported net earnings of $267 million, or 40 cents per share, down from $269 million, or 41 cents, a year earlier.
Adjusted earnings were 55 cents per share, up from 46 cents a year ago. Analysts had expected 74 cents, according to Thomson Reuters I/B/E/S.
Revenue was $20.7 billion, down from $21.7 billion a year earlier and below analysts' estimates for $22 billion.