Archer Daniels Midland beats profit views but fell short on revenue, as all business segments saw declines

Archer Daniels Midland Co.
ADM,
+2.53%
reported Tuesday second-quarter profit that beat expectations but revenue that fell short, amid softer demand within parts of its nutrition and flavors business. Net income fell to $927 million, or $1.70 a share, from $1.24 billion, or $2.18 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.89 beat the FactSet consensus of $1.59. Revenue fell 7.7% to $25.19 billion, below the FactSet consensus of $25.82 billion, as ag services and oilseeds revenue dropped 7.4% to $19.84 billion, carbohydrate solutions revenue declined 9.9% to $3.38 billion and nutrition revenue slid 7.5% to $1.85 billion. The company said it was raising full-year earnings expectations, but didn’t provide what the new outlook in the earnings press release. The FactSet consensus for 2023 EPS is $6.89. The stock, which was little changed in premarket trading, has rallied 9.5% over the past three months while the S&P 500
SPX,
+0.27%
has advanced 11.9%.