ADM stock gains after earnings beat
Shares of Archer-Daniels Midland Co. are up 2.5% in premarket trading Tuesday after the food-processing company topped earnings and revenue expectations for its first quarter. The company reported net income of $689 million, or $1.22 a share, up from $391 million, or 69 cents a share, in the year-earlier period. After adjusting for impairment, restructuring, and other factors, ADM posted per-share earnings of $1.39, up from 64 cents a year prior and ahead of the $1.04 that analysts surveyed by FactSet had been projecting. Revenue for the March quarter rose to $18.9 billion from $15.0 billion, while analysts were expecting $16.3 billion. ADM saw $15.0 billion in revenue from its ag services and oilseeds business, $2.2 billion in revenue from its carbohydrate solutions business, $1.6 billion in revenue from its nutrition business, and $100 million in other revenue. ADM noted in a press release that its “calendar-year outlook for 2021 substantially improved.” The company anticipates “significant EPS growth and another record year.” Shares have gained 21% over the past three months as the S&P 500 has risen 12%. 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.