CHICAGO — Archer Daniels Midland Co. today reported third-quarter earnings of $526 million.
The Chicago-based company said it had profit of 93 cents per share. Earnings, adjusted for non-recurring costs, were 97 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 91 cents per share.
The agribusiness giant posted revenue of $20.34 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $17.56 billion.
ADM shares have climbed 32% since the beginning of the year, while the S&P’s 500 index has climbed 22%. The stock has increased 28% in the past 12 months.