Ag products giant Archer Daniels Midland Co. (NYSE: ADM) posted second fiscal quarter results this morning and the company is in for a rough ride in the equities market today. In what ADM’s CEO called a “tough quarter,” the company reported net income and EPS down -89% from the same period a year ago.
ADM reported sales of $23.2 billion for the quarter, above the consensus estimate of $22.8 billion. Net income totaled a meager $80 million and EPS totaled $0.12. Adjusted EPS totaled $0.51, compared with the consensus estimate of $0.76.
The company attributed the poor results to a challenging operating environment: “Ongoing weakness in global oilseeds margins, lower results in corn and poor international merchandising results hurt our second quarter profits.” ADM’s cost of goods for the quarter soared by nearly $5 billion, and the company’s elliptical remarks on the market don’t appear to anticipate any significant change in market conditions.
The company’s shares are down more than -3% in pre-market trading this morning, at $28.79 in a 52-week range of $23.69-$38.02.
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