DECATUR, Illinois — Archer Daniels Midland Co. (ADM) said Tuesday its net income climbed in the first quarter on better results from its agricultural services and oilseeds businesses and the flavors business it bought in 2014.
Archer Daniels Midland processes corn and wheat and makes agricultural products like vegetable oil, ethanol and ingredients used in packaged foods and drinks. It bought Switzerland's Wild Flavors for $3.13 billion last year and later agreed to sell its chocolate business for $440 million and its cocoa business for $1.3 billion in separate deals.
The Decatur, Illinois-based company said its net income climbed 85 percent to $493 million, or 77 cents per share. Its revenue fell 15 percent to $17.51 billion, falling short of Wall Street estimates.
Analysts expected ADM to report a profit of 71 cents per share on $20.45 billion in revenue, according to Zacks Investment Research.
ADM shares are down 3 percent in 2015, and the Standard & Poor's 500 index has climbed roughly 3 percent over the same period. The stock has risen 16 percent in the last 12 months and closed at $50.32 on Monday.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ADM at http://www.zacks.com/ap/ADM
Keywords: Archer Daniels Midland, Earnings Report