By Patrick Thomas
Archer Daniels Midland Co. (ADM) said its profit fell for its third quarter, but beat Wall Street estimates as revenue increased about 6% from a year earlier.
The Chicago-based agricultural company reported a profit of $407 million, or 72 cents a share, compared with $536 million, or 94 cents a share, a year ago.
The company said its earnings included an eight-cent charge related to asset impairment and restructuring.
The company reported adjusted earnings of 77 cents a share for the quarter that ended Sept. 30. Analysts polled by FactSet were expecting earnings of 70 cents a share, or 69 cents a share on an adjusted basis.
Revenue rose to $16.73 billion from $15.80 billion a year earlier. Analysts had expected $16.08 billion of revenue in the quarter.
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