ADM Reaches 52-Week High After Earnings Report

Commodities & Metals

Published: August 6, 2013 7:35 am

Last Updated: April 27, 2020 3:13 pm

Archer Daniels Midland Co. (NYSE: ADM) reported second-quarter 2013 earnings this morning. The agribusiness giant posted adjusted diluted earnings per share (EPS) of $0.46 on revenues of $22.54 billion. In the same period a year ago, the company reported EPS of $0.38 on revenues of $22.68 billion. Second-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.44 and $22.87 billion in revenues.

On a GAAP basis, the company posted EPS of $0.34, down from $0.43 in the second quarter of 2012. GAAP results include an inventory charge of $39 million, $51 million in hedging losses related to ADM’s acquisition of GrainCorp. and other items

The company did not offer guidance in its earnings release, but the consensus estimates for the third quarter are for EPS of $0.61 on revenues of $22.06 billion. For the full year, analysts expect EPS of $2.37 on revenues of $90.38 billion.

The company’s CEO said:

[C]orn results improved amid volatile ethanol industry conditions. … Looking ahead, we’ll be managing through tight crop supplies until the forecast large but delayed U.S. harvest.

The company’s oilseeds division operating profit was essentially flat year-over-year. Corn processing profit rose by $149 million to $223 million, largely due to a jump of $158 million in the company’s bioproducts division, which includes ethanol processing.

Among the charges that ADM took in the second quarter was the addition of $29 million to a settlement fund related to charges against the company for violations of the Foreign Corrupt Practices Act (FCPA).

ADM’s shares are up fractionally at $37.89 in the premarket trading this morning. The 52-week range is $24.38 to $37.89. The consensus target price for the shares was around $36.00 before today’s report.

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