ADM misses Street forecast, shares fall

Archer Daniels Midland Co., the largest U.S. food processor and ethanol maker, reported quarterly profit on Tuesday that fell far short of Wall Street expectations, sending its shares down in premarket trading.

ADM said it had a challenging quarter, marked by lower earnings in agricultural services and oilseed processing.

Profit from agricultural services, which includes grain handling and storage, fell $38 million, or 48 percent, in the fiscal third quarter ended March 31 due to lower global merchandising and handling results.

Oilseed processing profit fell $8 million to $169 million due to lower crush margins and weaker biodiesel processing margins.

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- Posted: 2007-05-01 09:53:41

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