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Archer Daniels second-quarter earnings fall short of expectations

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Ag. giant ADM cites plant-based proteins as long-term growth opportunity

Archer Daniels Midland Company ADM, +0.32% reported second-quarter earnings on Thursday that missed Wall Street expectations. Profit fell to $235 million, or 42 cents a share, from $566 million, or $1 a share, a year ago. Adjusted EPS was 60 cents a share, missing the FactSet consensus of 61 cents a share. Revenue fell to $16.297 billion from $17.068 billion a year ago, also missing the FactSet consensus of $16.822 billion.

"We took aggressive action in the face of challenging external conditions, and we are confident that our work over the first half of the year will help deliver a stronger back half," said Archer Daniels CEO Juan Luciano in a statement. "We are also seeing early signs of how African Swine Fever might impact global animal protein markets, and eventually support incremental soybean meal demand in key meat-producing regions outside of China.

 

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Mangan150 ... I can’t imagine where the damning of animal protein is coming from.

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