ADM Shares Rise After Big Gains, Sales Beat

Shares of Archer-Daniels-Midland Co. ADM,
were up 0.8% in premarket trading Tuesday after the company easily beat second-quarter earnings and revenue expectations. The food processing company reported net income of $712 million, or $1.26 per share, up from $469 million, or 84 cents per share, a year earlier. The company posted adjusted earnings per share of $1.33 per share, up from 85 cents per share a year earlier, while FactSet’s consensus demanded $1.03 per share. ADM’s revenue for the quarter rose to $22.9 billion, from $16.3 billion, while analysts tracked by FactSet expected $18.4 billion. “Given our great start to the year and our expectation of continued momentum into the second half, we are confident to deliver very strong full-year results, and we remain well positioned for robust, continued growth in the coming years,” Chief Executive Juan Luciano said in a release. ADM shares have lost 5.5% in the past three months as the S&P 500 SPX,
has increased by 5.6%.