ADM adjusted Q3 earnings fall; revenues top estimates
CHICAGO Oct 29 (Reuters) - Agribusiness group Archer Daniels Midland Co said on Tuesday that adjusted third-quarter earnings fell as crop supplies remained tight following last year's historic U.S. drought.
ADM, one of the world's top grain traders, reported adjusted earnings of 46 cents per share, down from 53 cents in the same period last year. Analysts expected 47 cents, according to Thomson Reuters I/B/E/S.
Net earnings rose to $476 million, or 72 cents per share, from $182 million, or 28 cents per share, a year ago.
Revenue totaled $21.39 billion, down from $21.81 billion a year ago, but above expectations of $20.62 billion.
ADM's earnings for crop merchandising and handling declined $104 million to $4 million. "Low U.S. crop supplies reduced export volumes and ... results from international merchandising were weak," the company said.
ADM is among the four large players known as the "ABCD" companies that dominate the flow of agricultural goods around the world. The others are Bunge Ltd, Cargill Inc and Louis Dreyfus Corp.