Archer Daniels earnings and revenue rise above expectations
Archer Daniels Midland Co. reported third-quarter earnings and revenue that rose above expectations, as growth in origination, oilseeds and nutrition revenue offset a decline in carbohydrate solutions. Net income increased to $536 million, or 94 cents a share, from $192 million, or 34 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 92 cents, above the FactSet consensus of 83 cents. Revenue rose to $15.80 billion from $14.83 billion, topping the FactSet consensus of $15.69 billion. The tax rate increased to 15% from 13%. The stock, which was still inactive in premarket trade, has rallied 20% year to date, while the S&P 500 has gained 2.4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.