May 1, 2013 / 8:37 PM / 4 years ago

ADM earnings drop following historic drought

CHICAGO (Reuters) - Agribusiness company Archer Daniels Midland Co said on Wednesday that quarterly earnings fell 48 percent due to lingering effects of a U.S. drought that slashed grain harvests.

ADM, one of the world’s top grain traders, reported net earnings of $269 million, or 41 cents a share, for the first quarter ended March 31. That was down from $399 million, or 60 cents a share, for the same quarter a year before.

Adjusted earnings per share were 48 cents, down from 78 cents a year ago. Analysts surveyed by Thomson Reuters expected earnings of 51 cents.

Revenue totaled $21.72 billion, beating Wall Street’s expectations of $21.33 billion.

Reporting By Tom Polansek; Editing by David Gregorio

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