Global grain glut squeezes ADM's quarterly profit [Reuters]
Archer-Daniels-Midland Company (ADM)
Last archer-daniels-midland company earnings: 4/29 04:05 pm
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Source: Reuters
Global grain glut squeezes ADM's quarterly profit | Reuters Reuters Staff 2 Min Read (Reuters) - U.S. agricultural trader Archer Daniels Midland Co on Tuesday reported a smaller-than-expected quarterly profit as its core businesses of selling and processing grains took a hit from a glut in the global grain market. A bumper grain and oilseeds harvest has squeezed profits for ADM and rivals Bunge Ltd, Cargill Inc [CARG.UL] and Louis Dreyfus Co [LOUDR.UL], collectively known as the ABCD quartet of global grain trading giants. “The operating environment in our Ag Services and Oilseeds businesses was more challenging than anticipated,” ADM Chief Executive Juan Luciano said in a statement. Profit in its agricultural services unit, ADM’s biggest, more than halved to $87 million in the third quarter ended Sept. 30, falling well below $142 million estimated by JPMorgan analysts. Its profit from oilseeds business fell 18 percent to $119 million. ADM and its rivals have been investing in higher-
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ADM
Earnings
- 3/12/24 - Miss
ADM
Sec Filings
- 4/10/24 - Form ARS
- 4/10/24 - Form DEFA14A
- 4/10/24 - Form DEF
- ADM's page on the SEC website