Archer-Daniels-Midland Co., the world’s largest corn processor, posted second-quarter earnings that missed analysts’ estimates as grain margins weakened.
Net income fell to 48 cents a share from 62 cents a year earlier, Chicago-based ADM said Tuesday in a statement. Excluding one-time items, profit was 41 cents, trailing the average of 45 cents from 10 analyst forecasts compiled by Bloomberg. Sales were $15.6 billion, below the $16.9 billion estimate.
After jumping in April and May, corn futures and the margin for crushing soybeans slumped in June. ADM buys and stores agriculture commodities and processes crops such grain and oilseeds into food, livestock feed and fuel. Wide price swings can affect profit from trading and ethanol manufacturing.
On Monday, ADM shares fell 1.9 percent to $44.24. They have climbed 21 percent this year.
A year earlier, revenue was $17.2 billion.