ADM earnings dip as cold drives up grain handling costs
April 29 (Reuters) - Agribusiness company Archer Daniels Midland Co on Tuesday said quarterly earnings slipped as a cold U.S. winter drove up costs for grain merchandising and handling.
Illinois-based ADM reported net earnings for the first quarter ended March 31 of $267 million, or 40 cents per share, down from $269 million, or 41 cents, a year earlier.
Adjusted earnings were 55 cents per share, up from 46 cents a year ago. Analysts had expected 74 cents, according to Thomson Reuters I/B/E/S.
Revenue was $20.7 billion, down from $21.7 billion a year earlier and below analysts' estimates for $22 billion.
ADM Chief Executive Patricia Woertz called the results "mixed." (Reporting by Tom Polansek, Editing by Franklin Paul)
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