Archer Daniels Midland Co. (NYS:ADM) blew past earnings estimates for the third quarter on Tuesday, as it benefited from an integrated supply chain and strong demand. The Chicago-based seeds and agricultural company said it had net income of $526 million, or 93 cents a share, in the quarter, up from $225 million, or 40 cents a share, in the year-earlier period. Adjusted per-share earnings came to 97 cents, well ahead of the 89 cents FactSet consensus. Revenue jumped to $20.3 billion from $15.1 billion, also ahead of the $17.9 billion FactSet consensus. CEO Juan Luciano said earnings were boosted by a "tightly integrated supply chain" and strong demand and robust crush margins, as well as growth in its nutrition segment. The company is expecting a strong fourth quarter and a second straight year of record EPS, he said. Revenue at the nutrition segment rose 17%. Shares rose 0.8% premarket and have gained 32% in the year to date, while the S&P 500 (S&P:SPX) has gained 21.6%.
Oct. 26, 2021, 7:12 a.m. EDT