Archer Daniels Beats Expectations As Key Business Lines Grow

   By Micah Maidenberg

Archer Daniels Midland Co. (ADM) reported third-quarter profit of $536 million, or 94 cents a share, as the company reported strong results in its oilseeds and origination segments, its two largest business lines. Earnings almost tripled compared with the year-ago period.

Analysts surveyed by FactSet expected the firm to make 86 cents a share. On a per-share adjusted basis, Archer said it earned 92 cents, while analysts expected 83 cents.

Sales rose 7% to $15.8 billion compared with the third quarter in 2017, surpassing the $15.69 billion analysts predicted.

In the quarter, Archer booked $5.85 billion in revenue in its origination business, through which Archer sells commodities and transports materials. That was up 6% compared with last year. Archer said exports sales excluding China were strong in the business.

Revenue from the oilseeds unit, which processes and sells products like oils and protein meals made from soybeans and other soft seeds, saw sales rise 12% to $6.41 billion.

The company processed about 15 million metric tons of oilseeds and corn in the quarter, up 8%.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

November 06, 2018 07:42 ET (12:42 GMT)

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