ADM Q2 Beats Estimates
Archer Daniels Midland has released its preliminary Q2 2013 results, and the numbers beat analyst estimates. For the quarter, revenue came in at just under $25 billion, while net profit according to GAAP was $510 million, $0.77 per diluted share. Both compare favorably with Q2 2012's figures of $23.3 billion and $80 million ($0.12 diluted EPS), respectively.
Adjusted net profit for the period amounted to $0.60 per share, representing a strong gain on the $0.51 ADM posted in the same period the previous year.
On average, analysts had been expecting an EPS of $0.58 and top line of $21.2 billion.
The company attributed the improvements to strong worldwide demand for products derived from oilseed, among other factors.
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