ADM profit tops estimates on big Brazilian harvest, strong demand
Archer Daniels Midland Co logo is seen displayed in this illustration taken, April 10, 2023. REUTERS/Dado Ruvic/Illustrationbeat Wall Street expectations for second-quarter profit on Tuesday and raised its 2023 earnings outlook, as the grains merchant benefited from a record Brazilian harvest and robust global demand.
ADM raised its full-year 2023 earnings guidance to "around $7 per share," at the high end of a previous outlook range of $6 to $7., Cargill and Louis Dreyfus, have capitalized on strong demand for food, feed and biofuel, while global food supply chain disruptions boosted prices. Reduced crushing margins and historically weak U.S. crop exports weighed on results from ADM's Ag Services and Oilseeds segment, its largest by revenue and volume.
Results in the company's high-margin Nutrition segment struggled in what ADM called a "challenging demand environment."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rock the South 2023: Huge crowds love America, beer, country musicThousands turned out for the Cullman festival, the largest in the event's history, to see Chris Stapleton, other country stars.
Read more »
'Barbenheimer' tops $235 million in domestic debut, eyeing best box office weekend of 2023'Barbenheimer' exploded over the weekend, generating an estimated $235.5 million in ticket sales and reinvigorating the domestic box office.
Read more »
Shark Week 2023: How to watch, live stream, schedule, dates, times, channel'Shark Week' begins on Discovery Channel on Sunday, July 23 at 8 p.m. Here's what you need to know about how to live stream and watch, along with what's airing and when
Read more »
Riverdale As The Stepford Wives in Archie October 2023 SolicitsRiverdale As The Stepford Wives in Archie October 2023 Solicits riverdale archiecomics stepfordwives daniellempaige mdnorthrop ComicBossTimmy
Read more »