April 26, 2019 / 11:09 AM / a month ago

Archer Daniels Midland 1st-qtr profit falls 41 pct

April 26 (Reuters) - U.S. grains merchant Archer Daniels Midland Co reported a 41 percent drop in first-quarter profit on Friday, following floods and severe weather conditions that hit the U.S. Midwest earlier this year.

Net earnings attributable to the company fell to $233 million, or 41 cents per share, in the three months ended March 31, from $393 million, or 70 cents per share, a year earlier.

Revenue fell to $15.30 billion from $15.53 billion.

Archer Daniels is the ‘A’ of the so-called “ABCD” quartet of global crop merchants, which also includes Bunge Ltd, Cargill Inc and Louis Dreyfus Co. (Reporting by Shradha Singh in Bengaluru; Editing by Shounak Dasgupta)

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