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